missouri bankruptcy means test
Is The Illinois Chapter 7 Means Test The Only Difference Between Missouri And Illinois Bankruptcy?
As a St. Louis Missouri bankruptcy attorney, I have spent the last 15 years helping people on both sides of the river. We recently just opened up a Fairview Heights location of Castle Law Office to make it more convenient for people in Illinois to file Chapter 7 or Chapter 13 bankruptcy.
Since I practice in both Missouri and Illinois, I know that rules can be vastly different within a matter of miles–or even county to county. But, when it comes to Chapter 7 bankruptcy, Missouri and Illinois don’t differ too much, with the exception of the means test. So, what does the means test mean for your Chapter 7 bankruptcy in Illinois?
The means test for a Chapter 7 bankruptcy has two different parts. The first part uses a comparison between the median income of a family similar to yours and your actual income to determine if you are eligible for Chapter 7. The median income in Illinois is higher than it is in Missouri, changing the way the Illinois Chapter 7 means test is calculated. If your income is indeed higher than the median income in your area, you must move on to the second part of the test. At this point, the Chapter 7 means test can be confusing if you aren’t dealing with a qualified bankruptcy attorney. Part two deducts IRS standard and actual expenses to determine if you have disposable income. IRS expenses are different based on the count in which you live. This is where the knowing the difference between Missouri and Illinois is imperative for any Fairview Heights or Belleville Illinois bankruptcy lawyer.
Overall, however, Chapter 7 bankruptcy in Missouri and Illinois is strikingly similar. Another thing that does not differ between states is the right process to search for the best attorney in your area. Whether you are looking to file bankruptcy in Missouri, Illinois, or any other state, you should look for an attorney who will offer you free informationeven a free Missouri or Illinois bankruptcy bookbefore you even so much as speak with him or her in an office. Why? An attorney that is willing to go above and beyond to educate you before you come in the door usually isn’t hiding anything from you and will typically go above and beyond for you throughout your entire bankruptcy process. And, if you live on the border of a state like the citizens of St. Louis and the metro-east, don’t assume your bankruptcy attorney is experienced in both states. Make sure your attorney offers you information about both states and has satisfied clients on either side.
About the Author
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at
http://www.castlelaw.net
