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Updated means test numbers – effective November 1, 2020

Posted on November 9, 2020 by Elizabeth Rosar Chermack

The means test numbers have been updated with an effective date of November 1, 2020.

Below is a chart that shows the median incomes for means test purposes for bankruptcy cases filed in Minnesota effective November 1, 2020:

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 November 1 and November 30, for example, then all gross income received from May 1 through October 31 (relevant months: May, June, July, August, September, October) will be used to calculate your gross income for means test purposes.

Elizabeth Rosar Chermack is a Minnesota Bankruptcy Attorney with an office in Burnsville, and she can help you analyze whether bankruptcy is the right choice for you.   Call (952) 491-0390 or send an email to liz@chermacklaw.com to schedule a consultation.

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Posted in Bankruptcy Law | Tags: means test |
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© Elizabeth Rosar Chermack, Attorney at Law. Disclaimer: The content of this website is provided for informational purposes only. Information you obtain from this website is not, nor is it intended to be, legal advice. You should consult an attorney for individualized advice. Use of this website does not create an attorney-client relationship. Elizabeth Rosar Chermack, Attorney at Law, is a designated debt relief agency by an Act of Congress and the President of the United States. She assists consumers seeking relief under the U.S. Bankruptcy Code.