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New Means Test Income Data

– New york bankruptcy means test If you would like to file a chapter 7 bankruptcy you must pass the New York means test. The test only applies to higher income filers which means that if your income is below the New York median for your household size you are exempt from the test and may file a.

 · New Means Test Data May Burden Many Families . October 23, 2009. On November 1, 2009, chapter 7 debtors must pass the bankruptcy “means test” using new income figures released by the U.S. Trustee Program. In thirty-two states and the District of Columbia the median income figure for a family of four has decreased.

New Means-Test Median Income Numbers Released – The means test is only applied to debtors whose "Current Monthly Income" ("CMI," a term that is defined, with mind-numbing complexity, by BAPCPA) exceeds the median income for households of the same size in that state, using a look-back period of six months.

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The Means Test requires us to first determine if your income is above or below the "Median Income" level for similar households in your state. New chapter 7 means test numbers take effect November 1, 2017. The means test numbers purport to state the median income per family size based on jurisdiction.

2019 Median Income Limits for bankruptcy means test [april 2019 update: there are new california median income numbers released, and the article below has been updated with them] The 2019 median income numbers are out. It got easier to qualify for Chapter 7, because of a means test adjustment.

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