Bankruptcy Means Test Limits Rise April 1, 2015

If you didn’t qualify for a Wisconsin bankruptcy in the past, that may change in the near future. On April 1, 2015, the Means Test limits to qualify for a Wisconsin bankruptcy will rise. For those of you unfamiliar with the Means Test, it is the test that determines whether you are able to file a Wisconsin Chapter 7 Bankruptcy and also whether you can shorten the length of your Wisconsin Chapter 13 Plan from 5 years to 3 years.

Wisconsin bankruptcy means test limits riseMeans Test limits are based on data from the Internal Revenue Service which determines the mean average of income for Wisconsin. For a household of 1, the Means Test income limit has increased to $43,666. For a couple, the Means Test income limit has increased to $59,740. For a family of three, the Means Test income limit has increased to $69,600. For a family of four, the Means Test income limit has increased to $83,686. Many more individuals and families may now qualify for a Wisconsin Chapter 7 Bankruptcy under the new Means Test income limits. If you did not qualify for a Wisconsin Chapter 7 Bankruptcy in the past, you may wish to contact your Wisconsin bankruptcy attorney to see if you now qualify as of April 1, 2015.

The following chart displays the Means Test income limits for individuals and families in Wisconsin, including: Lake Geneva, Delavan, Elkhorn, Burlington, Mukwonago, East Troy, Walworth, Williams Bay, Twin Lakes, Genoa City, Salem, Union Grove, Pell Lake, Paddock Lake, Kenosha, and many other cities in Southeastern Wisconsin.

 

Wisconsin Census Median Income Effective 04/01/2015

Period 1 Person 2 People 3 People 4 People 5 People 6 People 7 People 8 People Add’l
Year $21,833 $29,870 $34,800 $41,843 $45,893 $49,943 $53,993 $58,043 $4,050
6 Months $43,666 $59,740 $69,600 $83,686 $91,786 $99,886 $107,986 $116,086 $8,100
Month $3,639 $4,978 $5,800 $6,974 $7,649 $8,324 $8,999 $9,674 $675
SemiMth $1,819 $2,489 $2,900 $3,487 $3,824 $4,162 $4,499 $4,837 $338
BiWeek $1,679 $2,298 $2,677 $3,219 $3,530 $3,842 $4,153 $4,465 $312
Week $840 $1,149 $1,338 $1,609 $1,765 $1,921 $2,077 $2,232 $156

To see if you qualify for a Wisconsin Chapter 7 Bankruptcy under the new Means Test income limits, you are required to total your income over the last six calendar months. Then, take the average and annualize it (multiply by 12). This will give you your annual income. Next, compare your annual income figure to the Wisconsin median income in the Means Test income limit chart. If your monthly household income is less than the Wisconsin median income limit for a household of your size, then you are presumed eligible for a Wisconsin Chapter 7 Bankruptcy. Of course, there may be other factors that determine your eligibility, another timeframe when you are eligible, or other bankruptcy options that may be better for your situation.

It is also possible to qualify for a Wisconsin Chapter 7 Bankruptcy if your income is above the Means Test income limit. There may be certain deductions and factors to take into account. Always consult with your Wisconsin Bankruptcy Attorney.

 

Contact our Wisconsin Bankruptcy Attorney

If you have questions about the Means Test or Bankruptcy, please feel free to contact Wynn at Law, LLC. We offer a free bankruptcy consultation to answer all of your questions. Wynn at Law, LLC has offices located in Lake Geneva, Delavan, and Salem, Wisconsin. To schedule your free consultation, contact us today by phone at 262-725-0175 or by email via our bankruptcy website’s contact page.

 

Wisconsin bankruptcy attorney assessmentFind out if you qualify for bankruptcy.

 

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*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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