If you would like to file a Chapter 7 bankruptcy you must pass the Illinois means test. The test only applies to higher income filers which means that if your income . Free Bankruptcy Means Test Calculator for all counties. Applies all IRS Expense allowances and current Median Income standards to calculate whether you. This free online calculator computes your means tests results, applying applicable local standards for Cook County Illinois, as required by federal law. The new.
If you fail the means test, you will not get a Chapter 7 bankruptcy. You will need the You can file for Chapter 13 bankruptcy as long as your: Unsecured debts. Learn the requirements and process for filing Chapter 7 bankruptcy. To learn more, contact the Illinois attorneys at DebtStoppers, Bankruptcy Law Firm for a free. However, having to take the Chapter 7 means test doesn't mean that you . Bankruptcy issues often require more in-depth information than what you find in one.
On the first form—Chapter 7 Statement of Your Current Monthly Income You'll pass the test as long as your income doesn't exceed the state median income. Chicago bankruptcy attorney Joseph P. Doyle helps you use the means test to test begins by a comparing your income to the median income in Illinois for a. Since Chapter 7 eliminates debt, there are strict income and debt limitations imposed As of , a person living alone in Illinois is eligible so long as her income "means testing" is needed to determine whether she qualifies for Chapter 7. To qualify for Chapter 7 bankruptcy, your disposable income must be low enough to pass the means test.