A vast majority of bankruptcy filers to their good fortune are not subject to the means test since if your when compared to the state median income, their income is lower than that. You may still be permissible to file chapter 7 bankruptcy even if your income exceeds more than} the state median income if you pass the means test. You can still eliminate or wipe out credit card debt, medical bills, judgments, stop garnishment and keep your personal property, home, and car as long as their values do not exceed the bankruptcy exemptions you are allowed to take. However, if your income exceeds more than the stat median income and you fail the means test, you probably may file a chapter 13 bankruptcy for debt settlement. An approved education course must be completed in personal financial management before your debts gets discharged. Credit counseling must be received from an approved credit counseling and nonprofit budget agency within 180 days prior to filing bankruptcy. Exceptions are there in case of an emergency situation and counseling could not be received within five days or in cases where the U.S. Bankruptcy Trustee has resolute that the approved agencies are inadequate in providing the required counseling.
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