US Trustee Releases New Bankruptcy Means Test Figures as of November 15, 2013

US Trustee Releases New Means Test Figures for Bankruptcy cases as of November 15, 2013, for use in Chicago, Illinois and Surrounding Suburbs. End Quote

Chicago, IL (1888PressRelease) November 11, 2013 - The US Department of Justice released new bankruptcy means test figures, which determine who qualifies for bankruptcy in Illinois. BankruptcyLawChicago helps people determine what kind of Bankruptcy relief they qualify for.

As part of the Bankruptcy Reform act of 2005, every person filing bankruptcy has to complete a "Means Test". The means test uses figures from the IRS as to median incomes throughout the US. The figures are updated so that, as of November 15, 2013, new figures are used. Here is the link:

http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm.

If your family is over the state median income, that does NOT mean Chapter 7 Bankruptcy is out as an option. It only means that you have to go a step further. In the second part of the test, if you are over the median income, then you (with the help of an experienced attorney) have to complete the second part of the means test. In the second part of the means test, you are allowed to deduct certain expenses, such as for income taxes, living expenses, and car and house payments. It is a complex mix of allowed expenses, and expenses that can vary by the family.

So, what do these new figures mean? In Illinois, the figures are going up, significantly. In Illinois, the income levels are:

Family Size 1 2 3 4
ILLINOIS $47,536 $61,253 $70,014 $81,680

If you want to know how the means test works, and how you'd stack up, you should speak to an experienced Bankruptcy Attorney in Illinois, or in your state.

Daniel J. Winter
BankruptcyLawChicago.com
djw ( @ ) DWinterLaw dot com
312-789-9999
Offices in Chicago, Gurnee, Oak Lawn, Skokie, and Waukegan, Illinois.

###

space

Other Related Press Releases