Means Test Numbers
Higher Illinois Bankruptcy Means Test Household Income Averages for April 2, 2013
The Illinois bankruptcy means test median numbers have risen slightly for cases filed on or after April 1, 2013.
Household Size
- 1 – $47,485
- 2 – $59,861
- 3 – $68721
- 4 – $80,776
- * – Each additional person add $8,100
What this means exactly for prospective Chapter 7 bankruptcy filing in Illinois is that your household may earn a little more money and still qualify for Chapter 7 bankruptcy eligibility.
New Bankruptcy Means Test Income Numbers Effective April 1, 2013.
The new income numbers are used to complete the Means Test and determine whether or not a person qualifies to file Chapter 7 bankruptcy in Illinois and other states.
If your gross household income falls below the applicable numbers, you pass the Means Test and qualify for a Chapter 7 bankruptcy.
If your household income exceeds these figures, you may still qualify for Chapter 7 bankruptcy if you have enough allowable expense deductions to offset your above median income or if the projected amount of disposable income would pay less than 25% of your total unsecured debt. Also, if your debt is primarily business debt then you do not even have to do the means test and automatically qualify for Chapter 7 bankruptcy.
A person who fails the Means Test and does not qualify to file Chapter 7 bankruptcy may choose to file a Chapter 13 bankruptcy instead.
You may also want to read: Qualifying for Bankruptcy and Business Debt and the Means Test
About Bradley Covey
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