107 E Eureka Ave, #1
Eureka, IL 61530
121 N Main St
Bloomington, IL 61701
309-467-3213 schedule consultation
schedule consultation

Guide to the Bankruptcy Means Test

Guide to the Bankruptcy Means TestThe Bankruptcy Means Test that Pioletti Pioletti & Nichols uses is an important component of bankruptcy. It determines whether you are eligible to file a Chapter 7 bankruptcy as well as whether you must be in a 3 or 5 year plan if you file a Chapter 13 bankruptcy.

Its formula is designed to keep filers with higher incomes from using Chapter 7 to wipe away their debts and instead put those filers into Chapter 13 where they will have to pay back at least a portion of those debts.

How Does The Means Test Work?
The first step of the Bankruptcy Means Test is to determine your average monthly income for the last 6 months, and then compare that figure to the median income for a family of the same size in Illinois. If your income is above the median income you may have trouble filing a Chapter. For purposes of a Chapter 13, if your income is below the median income your plan will likely last 3 years, and if it is above the median income you plan will likely last for 5 years.

Currently in Illinois the Median Incomes as of April 1, 2014 are as follows:

Household Size Monthly Median Income Annualized Median Income
1 $4,019 $48,232
2 $5,179 $62,150
3 $5,920 $71,040
4 $6,906 $82,876
5 $7,581 $90,976

If your income is less than the median for a household of the same size above, you pass the means test! You do not need to go on any further and you qualify for Chapter 7.

If your income is more than the median for a household of the same size above, you may still qualify for Chapter 7 but a more detailed analysis will need to be done. The amount and types of your debts will have to be computed and compared with your income and household expenses. This can be done either over the phone or with a sit down consultation at Pioletti Pioletti & Nichols, free of charge.

Deciding to File for Bankruptcy
When you need to file for bankruptcy and get out of debt, you need the help of a Bankruptcy Means Test attorney you can depend on to steer you in the right direction. When you do file for bankruptcy, you want to ensure that you are getting help from an attorney who can tell you which paperwork you need to file, what the deadlines are, and who can help you navigate the different options.

That’s where the attorneys at Pioletti Pioletti & Nichols comes in. We are dedicated to helping our clients with their bankruptcy problems and questions and can give you not only sound legal advice but can help you with your paperwork from the very start. For more information on how our firm can help you or if you would like to set up your initial consultation with a member of our team, please reach out to our office now.

What You Should Look For In a Bankruptcy Lawyer

When it comes to choosing the right attorney to help you with your bankruptcy, you may find our law firm is right for you. You may not be sure of how difficult filing for bankruptcy can be, but this will depend on factors like whether you choose to file for Chapter 7 or Chapter 13 bankruptcy, whether you have an asset or no asset case, and if you own different properties or a small business.

What You Can Expect From One of Our Attorneys

When you meet with one of our attorneys for the first time, it is imperative that you are open and honest about all the facts detailing your case. While having the Bankruptcy Means Test done for you and filing for bankruptcy may seem like an embarrassing situation, we respect all our clients and know that this decision was extremely hard to come to. When you work with us, we will outline the different services that our firm will provide for you during the bankruptcy process. Some of these are:

  • Choosing whether you should file for Chapter 7, Chapter 13, or another type of bankruptcy and which is the best option for your specific situation.
  • What the typical process looks like for bankruptcy and how the details of your case will specifically change this.
  • If there is anything about your bankruptcy case that may make it a more difficult process or present more obstacles than usual.

How Pioletti Pioletti & Nichols Can Help

At our law firm, we do not leave you high and dry when it comes to paperwork. Unfortunately, when you file for bankruptcy there are many different forms and packets you can expect to fill out during the process. We specialize in bankruptcy paperwork and can be a part of the process as much as you need. When you provide us with information like your debts, your income, your assets, and your various expenses, we can begin preparing the different forms for your bankruptcy and even help with completing these forms for you.

Bankruptcy can be difficult and it can cause a great amount of stress on you and your family. Don’t face this alone. To find out more about the Bankruptcy Means Test, Chapter 7, and Chapter 13 bankruptcy, call Pioletti Pioletti & Nichols at 309-467-3213 or send us a message online.

We are Members of

Joe Pioletti helped us win a case with a notorious realty, he was very honest and forthright about the terms of the case. He kept us up to date with the court date and made a great offer on our behalf. We received our settlement in a timely
matter as well! Take a chance with
Pioletti, you won’t regret it!



107 E Eureka Ave, #1
Eureka, IL 61530


24/7 live phone answering


121 N Main St
Bloomington, IL 61701


24/7 live phone answering


2 Dearborn Square #1D
Kankakee, IL 60901


24/7 live phone answering


1 W Old State Capitol Plz Ste 721
Springfield, IL 62701


24/7 live phone answering


401 Main St, Suite 103
Peoria, IL 61602-1241


24/7 live phone answering

Contact Us Today!