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Bankruptcy Means Test

Posted on in Bankruptcy

When a person files for bankruptcy, they must fill out certain paperwork to turn in to the courts to be sure that they are eligible. Specifically, if they choose Chapter 7, but they seem to have enough money to pay off their debts, they must take a means test to determine their eligibility. The means test will compare the income and expenses to that of the state's mean, or average, numbers.

The test is called an Official Bankruptcy Form 22A or Statement of Current Monthly Income and calculations. These forms are easily found on the United States Courts website, but it may be best to have the assistance of an experienced bankruptcy attorney to fill out the form correctly.

On the Statement of Current Monthly Income, the person who is filing for bankruptcy must enter all of his or her income information and expenses information and make all necessary calculations.

The information that is needed to complete this form comes from:

  • The debtor's personal record, such as the debtor's monthly income at the time of filing for bankruptcy
  • Information from the Census Bureau and the Internal Revenue Service (IRS)

The Census Bureau website reproduces all of the information from the official documents to complete the means test for people who file for Chapter 7 bankruptcy in the United States, but that is the easy part of filing.

For other questions or concerns about bankruptcy, it is important for debtors to talk to and meet with a bankruptcy attorney from Illinois to understand the entire bankruptcy process and be sure that all the paperwork is filled out correctly and accurately.

Newland & Newland attorneys are located all in Arlington Heights, Libertyville, Crystal Lake, Chicago, Waukegan and Itasca, Ill. and are more than ready to help you file for bankruptcy and complete your bankruptcy means test. Contact a bankruptcy attorney for any questions or concerns that you may have.

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