To file a Chapter 7 bankruptcy in Aurora, you must pass what’s called the “means test”. A means test is what determines whether your income qualifies you to file Chapter 7 bankruptcy. In situations where you are married, but filing a Chapter 7 bankruptcy without your spouse, you may be wondering how your spouse’s income will affect how you qualify for the means test.
Littleton Chapter 7 Bankruptcy and Qualifying for the Means Test When Spouse isn’t Filing
If you are filing a Chapter 7 bankruptcy without your spouse, how you qualify for the means test depends on whether or not you and your spouse are living in separate households. If you and your spouse are not living together, your spouse’s income will not be considered for the means test. It will only be considered if you share households. In some cases, such as when your spouse’s income does not contribute to household expenses, you may be able to use the Marital Adjustment Deduction to help you pass the means test.
Bankruptcy Marital Adjustment Deduction in Centennial Means Test: What is the Marital Adjustment Deduction?
In Centennial, Colorado, the Marital Adjustment Deduction is a section of the means test where you may deduct some of your spouse’s expenses which do not contribute to household expenses. Some of these expenses may include payroll deductions, credit card payments, car loan payments, or payments for 401(k) loans. If using the Marital Adjustment Deduction, you may reduce your household income for the means test, which may then allow you to qualify for a Chapter 7 bankruptcy. A Centennial bankruptcy attorney can tell you more about this tool.
Parker Chapter 7 Bankruptcy Lawyer Barry Arrington: Call Today
If you are considering a Chapter 7 bankruptcy in Parker but have questions about how your spouse’s income could affect whether you qualify for Chapter 7, call bankruptcy lawyer Barry Arrington immediately. Barry can help you navigate through the complexities of a Chapter 7 bankruptcy and find the relief you are looking for. Call Barry today to set up a free initial consultation. Don’t miss important deductions and qualifiers by filing without Barry’s help.
If you are considering filing for Chapter 7 bankruptcy without your spouse, call experienced bankruptcy attorney Barry Arrington today. Call Barry now to request your free initial consultation with him at 303-205-7870. Or, submit the “Get Help Now” form to begin your journey towards financial freedom.