Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Is the Illinois Chapter 7 Means Test Really Different from the Missouri Chapter 7 Means Test?

There aren’t many differences between Missouri and Illinois Chapter 7 bankruptcy. In fact, there are hardly any with the exception of the means test. Even the Chapter 7 means tests aren’t vastly different, besides the difference in median incomes and IRS expenses.

The Chapter 7 means test is made up of two parts. The first part compares the median income of a similar family structure to yours to your actual income. If your income is higher, you must move to the second part of the test. That test can be complicated but, if you have the best Fairview Heights or Belleville Illinois bankruptcy lawyer, it will not be a problem to get through. The formula determines your level of disposable income, which then determines if you are eligible for a Chapter 7 bankruptcy.

The subtle differences in Illinois and Missouri bankruptcy shouldn’t cause you a problem but are crucial for your bankruptcy attorney to know. The Chapter 7 means test determines your ability to file for Illinois Chapter 7 bankruptcy and must be performed by a qualified, experienced Illinois bankruptcy lawyer. What else should you expect out of your Illinois bankruptcy lawyer? Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to find out what you MUST know before you hire any attorney.