means test

means test
means test
Added to the Code in 2005, the means test is intended to screen out those filing Chapter 7 who are supposedly able to repay some part of their debts. The test is found in Official Form B22a. Debtors who fail the means test may convert their case to another chapter of bankruptcy. More about how the means test works. (Bankruptcy in Brief)

A method for projecting surplus income of a consumer Chapter 7 debtor. Under this test, if a Chapter 7 debtor's income exceeds allowed expenses by a certain minimum amount per month, the debtor's Chapter 7 will be dismissed, leaving Chapter 13 as his only bankruptcy alternative. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

means test
A method for projecting surplus income of a consumer Chapter 7 debtor. Under this test, if a Chapter 7 debtor’s income exceeds allowed expenses by a certain minimum amount per month, the debtor’s Chapter 7 will be dismissed, leaving Chapter 13 as his only bankruptcy alternative.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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Look at other dictionaries:

  • means-test — ˈmeans test noun [countable] an official check in order to find out if someone is poor enough to receive welfare benefit S (= payments from the state when you are ill, without work etc): • He has made proposals for means tests for Social Security …   Financial and business terms

  • means-test — means′ test v. t. 1) cvb to subject (a person or a specific benefit) to a means test: The government proposes to means test Medicare[/ex] 2) cvb to perform a means test: fair and responsible means testing[/ex] • Etymology: 1960–65 …   From formal English to slang

  • means test — In bankruptcy, a formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for bankruptcy.… …   Law dictionary

  • means-test — [mēnz′test′] vt. to subject to a means test means tested adj …   English World dictionary

  • means test — UK US noun [C] GOVERNMENT, FINANCE ► a way of finding out how much income a person has in order to decide whether they should receive money from the government, for example towards medical care, education, or legal services: »People who pass a… …   Financial and business terms

  • means test — means ,test noun count an examination of your income in order to find out whether you have the right to receive any extra money from the government ╾ means ,test verb intransitive or transitive …   Usage of the words and phrases in modern English

  • means test — means tests N COUNT: usu sing A means test is a test in which your income is calculated in order to decide whether you qualify for a grant or benefit from the state …   English dictionary

  • means test — n an official check in order to find out whether someone is poor enough to need money from the government >means tested adj ▪ means tested benefits …   Dictionary of contemporary English

  • means test — means′ test n. an investigation into a person s finances to determine eligibility for public assistance • Etymology: 1925–30 …   From formal English to slang

  • means test — n. an investigation of a person s financial resources, made to determine whether that person is eligible for welfare payments, low cost housing, etc …   English World dictionary

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