Bankruptcy Means Test in Northern Colorado
The bankruptcy means test shows whether you can file a Chapter 7 bankruptcy or whether a Chapter 13 is required. This test calculates your past six months of income and then determines whether you are below or above the median income for your household. If you are below median income, you can qualify for Chapter 7. You may still be able to go with Chapter 7 if you are over the median income provided you have cleared other considerations of the lengthy means test. If you are above the median income for your household size, and do not meet the additional requirements, then a Chapter 13 plan may offer relief.
Median Income in Colorado
It changes from year to year. In 2012, as reported by the U.S. Department of Justice, median income in Colorado was $47,361 for a household with a single person and $79,905 for a household of 4 people.
Hire Colorado Bankruptcy Attorneys
Sumner Law Office has a history of handling bankruptcy cases successfully. Whether its Chapter 7 or Chapter 13, our attorneys will help you achieve relief from your debt and no doubt, the financial freedom you were looking for.
Contact Sumner Law Office for a free initial consultation and for the best representation in your bankruptcy cases.