Bankruptcy Means Test Calculator for Cabarrus County, NC - May 15, 2021 ed.

- Bankruptcy Basics - (Basics)
  • How Chapter 7 Bankruptcy Works in North Carolina
    How Chapter 7 bankruptcy can help you cancel your debts, protect your exempt property, and stop bill collectors.
  • What are the different kinds of bankruptcy?
    This site focuses on Chapter7 and Chapter 13. But there are also chapters 11, 12, 9, and 15
  • Glossary of Important Bankruptcy Terms
    From Adversary proceeding to Wage garnishment
  • Do I qualify for bankruptcy?
    To qualify for Chapter 7 bankruptcy, you must pass the means test, which compares your household income to the median income in North Carolina for a household your size.
  • Secured debt vs. unsecured debt: What's the difference?
    Bankruptcy helps you get rid of unsecured debt. It does not eliminate secured debts, where you have pledged collateral for a loan, such as a car loan or a mortgage. When you file bankruptcy you must declare what you intend to do about your secured debts.
  • Do I need a lawyer to file for bankruptcy?
    The law does not require to have a lawyer, and if your case is simple and you have few assets, you can successfully file a Chapter 7 bankruptcy yourself. Chapter 13? Not so much. And if you have property to lose, or you're not great with details, getting a lawyers help can be a good idea, no matter what kind of bankruptcy you're filing. Also a lawyer may find ways to help that you haven't' thought of
  • Where do I file for bankruptcy?
    Bankruptcy is federal law and you file in the local Federal District Bankruptcy Court. Find out yours.
  • Can I get free bankruptcy forms?
    The US government makes PDF bankruptcy forms available for free. We'll tell you which ones you need and links to download them.
  • What are bankruptcy exemptions?
    Asset protection is an important benefit of bankruptcy. Exemption laws are the laws that let you protect certain assetss from creditors. Every state has different exemptions. Some states allow you to use the federal exemptions.
  • Do I have to get credit counseling before I file for bankruptcy?
    Yes. You must complete a credit counseling course before you file your bankruptcy petition. Fortunately, it's easy and can be done online. And your case cannot be completed (i.e. you can't get your "discharge order" from the judge until you take a "Debtor Education" course.
  • What is a 341 hearing (creditors meeting)?
    Everyone who files for bankruptcy must attend a 341 hearing, which is also called a "creditors meeting." The meeting is conducted by the bankruptcy trustee assigned to your case. During the Coronavirus, it. can be done by phone.
Filing Means Test Exemptions Courts Forms Lawyers
- Bankruptcy Lawyers Serving Cabarrus County, NC - (Lawyers)
- Bankruptcy & the Coronavirus Recession - (COVID-19)
- Bankruptcy News - (News)
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Bankruptcy Means Test Calculator For Cabarrus County, NC

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Bankruptcy Means Test Calculator
for Concord, North Carolina (Cabarrus County)

For cases filed on or after May 15, 2021

Based on numbers published by the U.S. Trustee's office for Cases Filed filed on or after May 15, 2021.)

Welcome to the Means Test Calculator

Hello, and welcome to the means test calculator, based on the revised means test forms, effective 4/3/2020, inclduding the latest Coronavirus updates. Note: Payments under the CARES Act are specifically EXCLUDED from monthly income (see line 10 of form 122A).

The calculator does NOT ask for and personal identifying information, other than your zip code, to choose the correct county to lookup expense standards. We've tested the calculator, and feel it's worthy of launching to the public. It's free to use. Please let us know if you find any flaws, and we will fix them.

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[Top] | [ Intro ] | [ TOC ] | [ Form B122A-1 ] | [ Form B122A-1Supp] | [ Form B122A-2 ]

Introduction: Are You Eligible for Chapter 7 Bankruptcy?

Despite what you may have heard about changes in bankruptcy law back in 2005, most people who need bankruptcy protection are still eligible.

This calculator will help you find out

The Means Test Calculator applies the formulas, regional income and expense standards, and calculations of the new "means test" that is a cornerstone of BAPCPA, the 2005 bankruptcy law (11 U.S.C. 707(b)). It uses the language and formatting of Official Form B122A-1, Official Form B122A-1Supp, and Official Form B122A-2 , just a few of several forms you will need to complete if you decide to file for bankruptcy.

Read the instructions carefully (for the official instructions for PDF forms, click here -- they don't say much). If you are unsure whether an item applies to your situation, make a note of your question. Ask a bankruptcy lawyer about it if you go for a free consultation.

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North Carolina "Median Income" Test

If your monthly household income is less than the North Carolina median income for a household of your size, you are presumed to be eligible to file for Chapter 7 bankruptcy under Section 707(b)(2). Compare your household income over the past six calendar months to the state median.

North Carolina Bankruptcy InformationMedian Household Income Test for North Carolina

Compare your household income to the North Carolina median income.

For Cases Filedfiled on or after May 15, 2021.

Form B122A-1 requires you to total your income for the last six calendar months, average it, then annualize it, and then compare it to the North Carolina median for your size household. If your income is below this amount, you meet the requirements of the "means test" (section 707(b)(2) of the bankruptcy code) to qualify for Chapter 7 bankruptcy. The chart below makes it a bit simpler to figure out. Compare your six-month total income over the last six calendar months to the "6 Mo. Total" in the chart below to get a rough idea of which side of the line you fall. Pay attention to the rules about household size.

North Carolina Median Income Test
Form B122A-1 (Line 13)

HH Size Monthly Income 6 Mo. Total Annual Income
1 $4,273 $25,639 $51,278
2 $5,572 $33,430 $66,859
3 $6,080 $36,479 $72,958
4 $7,503 $45,020 $90,039
5 $8,253 $49,520 $99,039
6 $9,003 $54,020 $108,039
7 $9,753 $58,520 $117,039
8 $10,503 $63,020 $126,039
9 $11,253 $67,520 $135,039
10 $12,003 $72,020 $144,039
< If LESS You Pass! - Chapter 7 is an option. Not legally required to complete Form B122A-2, but may want to anyway.*
> If MORE - Keep Going! - You must complete Form B122A-2 to determine if Chapter 7 is available.

Sources: U.S. Trustee Program, Department of Justice , 11 U.S.C. Sec. 707(b)(7) exclusion. Official Form B122A-1, Line 13

Source: U.S. Trustee, U.S. Department of Justice (for bankruptcy cases filed filed on or after May 15, 2021)

(*The applicable household size is the number that would currently be allowed as exemptions on your federal income tax return, plus the number of any additional dependents whom you support.)

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If your income is above the state median, you will need to determine your monthly expenses, using the expense allowance standards for Cabarrus County.

Expense Standards for Cabarrus County, North Carolina

For cases filed on or after May 15, 2021
Family of Non-Mortgage Housing expenses (Line 8) Mortage & Rent "(Line 9)
1 $491 $976
2 $576 $1,146
3 $607 $1,208
4 $677 $1,347
5 $688 $1,368
6 $688 $1,368
7 $688 $1,368
8 $688 $1,368
9 $688 $1,368
10 $688 $1,368
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