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8 Ιουλ 2024 · The means test is a critical tool designed to determine whether an individual qualifies for Chapter 7 bankruptcy based on their income and expenses. This test ensures that those with higher incomes are filtered out, reserving Chapter 7 for those in serious financial distress.
Chapter 7: the means test. The bankruptcy means test helps you figure out how much money you have left after paying basic living expenses. The leftover money is used to pay your creditors. If the leftover income is too high, you fail the means test.
You are required to answer two questions according to the means test: Is your monthly income less than the median income for a similarly sized household in Illinois? Do you have enough disposable income to repay certain debts?
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 is below the Illinois median for your household size you are exempt from the test and may file a Chapter 7.
1 Νοε 2019 · Will you pass the Chapter 7 means test? Find out by calling an experienced attorney at Schlueter Ecklund & Davitt in Rockford: Call815-229-5333 today.
8 Οκτ 2020 · The Illinois Means Test is meant to assess your ability to at least partially repay creditors in the course of a bankruptcy filing. The short version is, if you have means to pay back some of your outstanding debt, you will likely qualify for Chapter 13 bankruptcy.
