bankruptcy law Archives - Chicago Bankruptcy Lawyer https://leederslaw.com/tag/bankruptcy-law LEEDERS LAW Tue, 21 Nov 2023 21:25:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://leederslaw.com/wp-content/uploads/2022/03/cropped-cropped-cropped-Leeders-Law-Logo-e1677182027648-1-32x32.png bankruptcy law Archives - Chicago Bankruptcy Lawyer https://leederslaw.com/tag/bankruptcy-law 32 32 Median income for Chicago bankruptcy cases https://leederslaw.com/median-income-for-chicago-bankruptcy-cases Wed, 18 Oct 2023 17:15:33 +0000 https://leederslaw.com/?p=1386 Means test -median income level for Chicago bankruptcy cases effective November 1, 2023

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]]> 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. 
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