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You May Not Need to Take the “Means Test” if You Are a Business Debtor

The means test is the gateway for qualifying to get a fresh financial start through a Chapter 7 "straight bankruptcy" case. This test is based first on your income. If your income—based on a very distinct way of calculating it—is not low enough, then the means test also looks at your allowed expenses, based on a complicated set of rules looking at national, regional, and local expense standards. Being able to avoid all these income and expense calculations and thus be allowed to file a … [Read more...]

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