New means test numbers are going into effect on April 1, 2018. The median incomes for Minnesota have increased. As a result, it may now be easier for some people to qualify for Chapter 7 bankruptcy.
Below is a chart that shows the median incomes for means test purposes for bankruptcy cases filed in Minnesota effective April 1, 2018:
*Add $8,400 for each individual in excess of 4.
Note: Your income for means test purposes is determined by all income received in the 6 full months prior to filing your case. We figure out the amount of gross income that you received during those 6 months and then multiply it by 2; if the total is under the “Gross Annual Income” listed in the chart above for your household size, then there will likely not be a means test issue.
If your case is filed any time between July 1 and July 31, for example, then all gross income received from January 1 through June 30 (relevant months: January, February, March, April, May, June) will be used to calculate your gross income for means test purposes.
Elizabeth Rosar Chermack is a Minnesota Bankruptcy Attorney, and can help you analyze whether bankruptcy is the right choice for you. Call (952) 491-0390 or send an email to email@example.com to schedule a consultation.
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