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Means Test Figures Changing Again

By Jill Michaux, Kansas Bankruptcy Attorney

The income figures used for determining bankruptcy eligibility are changing again November 1, 2010.  The numbers come from the Census Bureau, which reports median family income by state.  The U.S. Trustee takes that data and updates the bankruptcy means test.

The U.S. Trustee expects to post modified revised means test charts to its website on October 12, 2010.  The new figures will apply to bankruptcy petitions filed on or after November 1, 2010.

Consumer debtors who have income less than the median family income for their state pass the bankruptcy means test and are eligible to file either chapter 7 or chapter 13 bankruptcy.  They do not have to fill out the eight-page long form.

Here is more reading about the bankruptcy means test:

the biggest land mine of all in the bankruptcy laws

projected disposable income in chapter 13 bankruptcy is not strictly mechanical

how does chapter 13 bankruptcy work – the means test

means test secondary presumption

court allows case filing to be timed for lower income

two vehicle deductions allowed on means test for single debtor

Image Credit:  Alvesgaspar

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Full post as published by Bankruptcy Law Network on September 26, 2010 (boomark / email).