Q: Does the bankruptcy means test take into consideration that I have three kids?
A: The number of children in your household comes into play in calculating household living expenses, which in turn is just one of the multiple factors required to undertake the means test evaluation.
A: Mr. Greenberg is correct. There are many factors used in the means test calculation, including the number of dependents you have. I urge you to consult with bankruptcy attorney to evaluate your eligibility for bankruptcy, including drafting of the means test. This is a critical aspect of the process. Good luck.
A: If your children are not minors or full-time college students living at home, or otherwise claimed as dependents on your tax returns, they will not count toward the Means Test median income component or the calculation of projected disposable income. You should consult with an experienced bankruptcy attorney to help you determine your eligibility for relief under the Bankruptcy Code versus other possible options and alternatives.
A: Yes it does. The bigger your household, the more generous are the deductions.
A: Yes. They are accounted for in the household living expenses allocation of the means test.
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