Supreme Court Decides: Means Test Car Ownership Expense Applies Only If Debtor Has a Loan: Ransom

The Supreme Court issued a decision in Ransom v. Fia Card on January 11, interpreting the statutory provisions of the ‘means test.’  In brief, the Court states that debtors who do not have a car loan cannot claim the ‘ownership expense’ for that car on the means test form. This is basically the current practice in local bankruptcies. I am sure that more extensive analysis will be forthcoming from this case.