Michigan Bankruptcy Blog

New Means Test Numbers for April 1, 2017

New Means Test Numbers for April 1, 2017

New Michigan Bankruptcy Means Test Numbers for April 1, 2017   The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on April 1, 2o17 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 ...

Posted on April 5th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for November 1, 2016

New Michigan Bankruptcy Means Test Numbers for November 1, 2016   The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on November 1, 2016 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 bankruptcies, to ...

Posted on November 2nd, 2016 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for April 1, 2016

New Michigan Bankruptcy Means Test Numbers for April 1, 2016   The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on April 1, 2016 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 bankruptcies, to ...

Posted on April 7th, 2016 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for November 1, 2015

Michigan Chapter 7 Bankruptcy Means Test Eligibility Expansion!   The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on November 1, 2015 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 bankruptcies, to determine ...

Posted on October 28th, 2015 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for April 1, 2015

Chapter 7 Eligibility Easier As Of April 1, 2015 [caption id="attachment_3003" align="aligncenter" width="300"] Image by Beyer courtesy of Wikimedia Commons and the German Federal Archives[/caption] The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on April 1, 2015 or after. These numbers are used in the "bankruptcy ...

Posted on March 31st, 2015 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Bankruptcy Means Test Numbers for November 1, 2014

Now Slightly Easier to Qualify for Chapter 7 Bankruptcy The Office of the U.S. Trustee, the division of the U.S. Department of Justice that oversees the bankruptcy process in the U.S., has announced the new median income figures for each state that will be in effect as of November 1, 2014 for bankruptcy means test purposes. New Bankruptcy Means Test Numbers for Michigan The new median incomes for each household size in Michigan as of November 1st, 2014, ...

Posted on October 27th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Is There a Military Exception to the Chapter 7 Means Test?

Active Duty Reservists and Disabled Vets Eligible for Chapter 7 Bankruptcy Means Test Exemption The Financial Hardship of Active Military Duty or Disability Is Recognized in the US Bankruptcy Code There is a limited exception or exclusion from the Chapter 7 bankruptcy means test available for some military service-members—but only some. It is based upon the disruption that a call-up to active duty from civilian working life can have upon the finances of military reservists and upon ...

Posted on May 26th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Michigan Bankruptcy Means Test Numbers for April 1, 2014

Increased Michigan Median Income Numbers = Increased Chapter 7 Eligibility Challenges The Office of the US Trustee has released its new bankruptcy means test numbers for all case filed on or after April 1, 2014. These numbers reflect the median incomes for households of various sizes in each state. For Michigan, the median income averages have increased slightly from the past numbers issued November 1, 2013. What Do Increased Median Household Income Averages Mean? These numbers are derived from ...

Posted on March 21st, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Is Income for Bankruptcy Means Test Purposes?

All Earnings Other than Social Security Income or Disability Benefit—in Michigan Most Recent 6 Months: The Means Test "Look-Back" Period The "means test" is the mathematical formula used in bankruptcy to determine your eligibility for filing a Chapter 7 bankruptcy and to determine in a Chapter 13 bankruptcy whether you are eligible to propose a 36-month payment plan or must propose a longer payment plan, and whether there is any minimum amount of money your unsecured creditors ...

Posted on October 25th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Make Charitable Contributions or Tithe in Bankruptcy?

Charitable Giving & Tithing: Protected Expenses in Bankruptcy Charitable contributions and tithing in particular are protected activities under the US Bankruptcy Code. In 2006, Congress enacted the Religious Liberty and Charitable Donation Clarification Act of 2006, which made clear that monthly average amounts of religious charitable contributions and tithing amounts in particular are not included in "net available income" in  bankruptcy. What that means, in essence, is that you are able to continue making regular charitable contributions, ...

Posted on July 10th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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