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The U.S. Bankruptcy Court in Illinois is increasing the Median Family Income for the ‘means test’ based on the Consumer Price Index.

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Effective April 1, 2016, the U.S. Bankruptcy Court in Illinois is increasing the Median Family Income for the ‘means test’ based on the Consumer Price Index. The new income levels qualifying for debtors to file chapter 7 bankruptcy petition have increased across the board by approximately $2,000 annually. A single wage earner earning up to $49,741 in Illinois can qualify for a chapter 7 bankruptcy. A family of 2 can earn up to $63,896 and still qualify for the means test to file a chapter 7.

On another post, find out how the means test could affect your outcome when filing bankruptcy under chapter 7 or chapter 13.

If you have any further legal inquiries regarding bankruptcy chapter 7, feel free to consult an attorney from Johnson Westra Broecker Whittaker & Newitt, P.C. over a phone call.

Johnson Westra Broker Whittaker & Newitt, P.C.

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Phone: 630-665-9600

Johnson, Westra, Broecker, Whittaker & Newitt, P.C. is located in Carol Stream, St. Charles and Chicago, IL and serves clients in and around Wood Dale, Glen Ellyn, Lisle, Addison, Lombard, Warrenville, Downers Grove, Aurora, Villa Park, Oak Brook, Naperville, Westmont, Hinsdale, Woodridge, Clarendon Hills, Elmhurst, Darien, Eola, Lemont, Stone Park, Franklin Park, Mooseheart, North Aurora, Melrose Park, Streamwood, Robbins, Romeoville, Schiller Park, Bartlett, River Grove, Plainfield, Elmwood Park, Bolingbrook, Elk Grove Village, Batavia, Rolling Meadows, Boone County, Cook County, De Kalb County, Du Page County, Grundy County, Kane County, Kankakee County, Kendall County, Lake County, Lee County, Mchenry County, Ogle County and Will County.

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