The median income for Chicago bankruptcy cases will be adjusting again!! The IRS and US Bankruptcy court uses the median income level to determine what chapter a bankruptcy debtor is eligible for. These numbers are adjusted periodically. Unfortunately, these numbers are going down, effective November 1, 2023.
Household Size: 1 2 3 4
Current: ILLINOIS $67,102 $84,892 $101,951 $122,289
EFFECTIVE 11/1/2023 $64,303 $83,024 $101,710 $120,079
For Each additional household member – add $9,900
These figures are used in completing Bankruptcy Forms 122A-1 and 122C-1
The information can be found here: https://www.justice.gov/ust/means-testing
I’m happy to do a prospective case review for you and will discuss the impact the median income for Chicago bankruptcy cases will have on a case. Give me a call at 312-346-7400 or submit your information here for a free bankruptcy consultation.
