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Tax Relief Glossary: M

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Means Test —

During this investigation, your family income is examined in order to see if you are eligible to file for Chapter 7 Bankruptcy. If your family income exceeds a certain level, you will be precluded from filing for Chapter 7.

Monthly Disposable Income —

Any positive financial amount remaining after your necessary monthly living expenses have been subtracted from your monthly income. MDI is used to help calculate the your RCP (the reasonable collection potential) for Offer in Compromise purposes.

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