There is a common myth that is out there that people think that they make too much money to file a chapter 7 bankruptcy. This comes from the means testing requirement that was added to the bankruptcy laws in 2005 that scrutinizes your cash flow if your gross household income is over the state median for your family size.  Well, here in southern New Jersey, that is seldom the case.

These medians change periodically, but as of right now they are as follows:

One person
Two people
Three people
Four people
Each person over 4

If means testing shows that you make less than that per year, you are fine.  If it shows you make more, then further analysis is done regarding expenses.

Means testing is a complicated process. Do not assume, based on your own calculations from the information presented here that you do not qualify for a chapter 7.  Most South Jerseyans can file a chapter 7 with no problem and no means test complications.

So What Do I Do?

If you live in South Jersey and are considering filing bankruptcy, call my office at 856-432-4113 or contact me through this site for a free consultation to discuss your case.

If you are looking for more information about bankruptcy, then download my free book,Top Questions People Ask About Filing Bankruptcy in New Jersey.

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.


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