Bergen County, NJ Bankruptcy Blog

Tuesday, May 12, 2015

Means test: The double standard that makes it harder for consumers to qualify for a chapter 7

Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a consumer having a high income may find it more difficult to qualify for a chapter 7 bankruptcy.  What's higher income? As of the writing of this blog, in the state of New Jersey, a single person can qualify by having annualized earnings of $60,265 or less, while a married couple may be limited to $70,845.  For a family of 4, that amount would have to be $89,413 or less to qualify. The annualized income is determined by taking the last six calendar month's income, and multiplying by two. 

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