How Long Does It Take Formula 7 To Work Chapter 7 Harder to File in Michigan After November 1, 2010

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Chapter 7 Harder to File in Michigan After November 1, 2010

The United States Trust released the “means test” numbers effective November 1, 2010. The “means test” began in 2005 when bankruptcy laws changed. It starts with average income levels and family sizes. It uses information from the Census Bureau and IRS data. It is an attempt to create a mathematical formula to determine whether a bankruptcy filing is a Chapter 7 or Chapter 13 candidate. Based on these numbers, the means test has been negative.

Family Size Median Income in Oct

House 1: $41,875

House 2: $49,919

House 3: $59,190

House 4: $70,600

For family sizes of 5 or more, add $7,500 for each additional person.

I think the low wage levels are due to the recession and reduced incomes for families here in Michigan. Those who are probably most affected will be a married couple without children. If a husband and wife both earn $12.50 an hour and work full time, they will come in above the median income number.

All is not lost however, filers who fail to come in under the middle income level must fill out the second part of the test that looks at the debt budget using the fancy formula Congress came up with. As you can imagine, it’s mostly based on reality and doesn’t always take your specific circumstances into account. We are very familiar with due process and, assuming you want to file Chapter 7, we can make sure it is completed properly to maximize your chance of filing Chapter 7.

If you are considering filing for Chapter 7 bankruptcy and you are on the low income side of your household, you should consider filing before October 31, 2010. This does not give you much time. You need to get a lot of financial documents together, fill out your debt advice and give your lawyer enough time to prepare a well-drafted petition.

To learn more about bankruptcy, please take the time to visit my website: Downriver Bankruptcy.

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