Wisconsin Chapter 7 Means Test Calculation is a set of calculations used to determine a debtor's ability to repay creditors in a Chapter 7 bankruptcy case. The calculation is based on the debtor's actual income and expenses, compared to the median income and expenses for a family the same size in Wisconsin. The calculation takes into account all the debtor's allowable expenses such as housing, food, transportation, insurance, taxes, and any court-ordered payments. If the calculation shows that the debtor has enough disposable income to pay creditors, the case will be dismissed. There are two types of Wisconsin Chapter 7 Means Test Calculation: the short-form and the long-form. The short-form calculation is for debtors whose household income is below the median income level for Wisconsin. The long-form calculation is for debtors whose household income is above the median income level. The long-form calculation includes a more detailed breakdown of the debtor's income and expenses.
Wisconsin Chapter 7 Means Test Calculation is a set of calculations used to determine a debtor's ability to repay creditors in a Chapter 7 bankruptcy case. The calculation is based on the debtor's actual income and expenses, compared to the median income and expenses for a family the same size in Wisconsin. The calculation takes into account all the debtor's allowable expenses such as housing, food, transportation, insurance, taxes, and any court-ordered payments. If the calculation shows that the debtor has enough disposable income to pay creditors, the case will be dismissed. There are two types of Wisconsin Chapter 7 Means Test Calculation: the short-form and the long-form. The short-form calculation is for debtors whose household income is below the median income level for Wisconsin. The long-form calculation is for debtors whose household income is above the median income level. The long-form calculation includes a more detailed breakdown of the debtor's income and expenses.
