The revised median income numbers for each state to be used in the Bankruptcy Means test were released in March. These standards apply to bankruptcy cases filed on or after April 1, 2024. Like last year, the revised median income numbers do not appear to be a state-specific measure of median income but rather an […]
Bankruptcy Means Test, Median Income Updates, Effective November 1, 2023
LegalConsumer.com has updated its means test calculator to incorporate the latest justice department median income data that applies to all bankruptcy petitions filed on or after November 1, 2023. The bankruptcy means test is basically a tool to figure out if someone can file for Chapter 7 bankruptcy, which wipes out most of their debts, […]
New Bankruptcy Means Test expense allowances Beginning May 15, 2023
Legalconsumer.com has just updated its Means Test Calculator to incorporate the latest expense deductions announced by the justice department that take effect May 15, 2023 The new numbers affect Part 2 of the means test, where above-median-income debtors are asked to list their monthly expenses. Some of those expenses are “actual” expenses, while others are […]
Median Income for Bankruptcy Means Test, Revised November 1, 2022
Twice a year, the Department of Justice revises the median income numbers applied for each state, when determining the standards of the Bankruptcy Means Test. The new figures apply to cases file on or after November 1, 2022. The Means Test Calculator has been updated. The Means Test determines whether you can file Chapter 7 […]
Federal Bankruptcy Amounts Changed for April 1, 2022
Source: Adjustment of Certain Dollar Amounts in the Bankruptcy Code A Notice by the Judicial Conference of the United States on 02/04/2022 Affected sections of Title 28 U.S.C. and the bankruptcy code Dollar amount to be adjusted New (adjusted) dollar amount 1 28 U.S.C. Section 1409(b)—a trustee may commence a proceeding arising in or related to […]
LegalConsumer.com Bankruptcy Means Test Calculator has Been Updated – April 1, 2021 Median Income Updates
April 1, 2021 Median Income Update for Bankruptcy Means Test The Means Test Calculator on the LegalConsumer.com website has been updated to incorporate the fact that The Executive Office for U.S. Trustees (EOUST) has published its updated April 1, 2021 median income data for the bankruptcy means test. New Median Income numbers up 1.2% across […]
2019 Federal Bankruptcy Exemption Amounts, Means Test Limits, and Chapter 13 Debt Limits
Learn the 2019 federal bankruptcy exemption amounts, means test limits, and Chapter 13 bankruptcy debt limits from Legal Consumer.