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what is an "income test" for bankruptcy?

 
Anonymous

Asked by Anonymous at 1:29 AM on Oct. 19, 2010 in Money & Work

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Answers (4)
  • Basically you can't file for bankruptcy on $10,000 if you make $200,000 a year. If I'm not mistaken it varies from state to state on the debt to income ratio you have to have before you can file.
    Erica_Smerica

    Answer by Erica_Smerica at 1:07 AM on Oct. 20, 2010

  • never seen an income test. But if you need to see whether or not you will need to file sit down and write down your monthly income. Then write down all your monthly expenses: rent, utilities, other bills, food and see if you make enough to cover all these, if not you are sinking. You can still avoid BK by giving something up such as cable or cell phones. And instead of blowing that money use it to pay a little extra off the bill with the smallest charges to try and pay it off sooner, then when done with that bill you have even more extra money, put all that towards the next, and so forth and so forth. We eliminated all our debt except the house in a 18 months this way.

    Look for books by David Bach such as "Smart Couples Finish Rich"
    Mom2Jack04

    Answer by Mom2Jack04 at 11:17 AM on Oct. 19, 2010

  • Well...you have to be income eligible to claim some types of bankruptcy, maybe thats it?
    UpSheRises

    Answer by UpSheRises at 1:29 PM on Oct. 19, 2010

  • musicmom08

    Answer by musicmom08 at 9:51 AM on Oct. 20, 2010

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