The bankruptcy means test is the analysis that determines what type of bankruptcy a person qualifies for. It takes income from the last six months, prorates it to an annual figure, and compares that number with the median annual income for a household of the same size in Illinois. The result determines whether a Chapter 7 or a Chapter 13 filing is available.
Frequently Asked Questions
What is the bankruptcy means test?
What is the bankruptcy means test? The means test analysis is what determines what type of bankruptcy you qualify for. The means test analysis takes your monthly income from the last 6 months and prorates it out to an annual figure.
And then that number is compared with the median annual income for gross annual income for a household of your size in the state of Illinois to determine whether you are above or below that median income number which will then determine whether you can file a chapter 7 or a chapter 13 bankruptcy.
Are you struggling financially? Pratt & Maegli Law Firm in Rockford helps Illinois families and individuals explore Chapter 7 and Chapter 13 options with clear answers and a personal approach. Call (815) 315-0683 or visit rockfordbankruptcytoday.com to schedule a confidential consultation and take the first step toward real financial relief.