Updated means test numbers – effective November 1, 2018

The means test numbers have been updated with an effective date of November 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 November 1, 2018:

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, and 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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