Do I Have to Include my Annual Bonus in the Chapter 7 Bankruptcy Means Test?

An annual bonus or other “extra” income received within the 6 months prior to the filing of a Chapter 7 or Chapter 13 bankruptcy must be disclosed and computed in the bankruptcy means test which determines Chapter 7 eligibility and determines whether you are eligible to propose a 36-month Chapter 13 payment plan rather than a longer payment plan.

Click here to read more about the including an annual bonus in the Chapter 7 bankruptcy means test on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident considering filing for bankruptcy, please feel free to contact us at john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation.

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