Tag Archives: means test

How Is My Family Pet Treated in Bankruptcy

Pets must be listed and valued along with the rest of your property and assets in a Chapter 7 or Chapter 13 bankruptcy petition—but so can the expense related to the pet ownership, which can be advantageous.

Click here to read more about pets in bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

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

Can I Lower my Salary or Wages to Pass the Chapter 7 Bankruptcy Means Test if I am Self-Employed?

Some small business owners inquire as to the possibility of artificially lowering their income or taking less wages out of their business prior to filing a bankruptcy petition in order to pass the Chapter 7 means test.

This possibility is fraught with peril for uninformed individuals. Click here to read more about whether one can lower wages to pass the means test in bankruptcy on the new Michigan Bankruptcy Blog of Michigan bankruptcy attorneys The Hilla Law Firm, PLLC.

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

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.

New Means Test Numbers for Michigan for May 1, 2012

As of May 1, 2012, the Federal US Trustee Program is again updating their means test household median income numbers for Michigan. The news is good for prospective Chapter 7 Bankruptcy filers as the median incomes for households of various sizes have increased slightly—meaning that you can earn a little more money than previously and still be eligible for Chapter 7.

  • Household of 1: $45,056.00
  • Household of 2: $51,660.00
  • Household of 3: $60,313.00
  • Household of 4: $72,454.00

(Add $7,500.00 to median for every household member over 4.)

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

Business Debt and the Chapter 7 Bankruptcy Means Test

Chapter 7 bankruptcy may be available to prospective filers whose debts are mostly business debts rather than consumer debts regardless of their actual income.

Click here to read more about business debt and 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 and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

New Bankruptcy Means Test Numbers for 11/1/2011

The bankruptcy means test median household income numbers for Michigan have been udpated, effective 11/1/2011. The new household median incomes are:

  • 1 person household: $43,677
  • 2 person household: $50,079
  • 3 person household: $58,467
  • 4 person household: $70,237

For each individual in a household over 4, $7500 is added to the median.

This is a slight increase over the prior numbers and may enable more people to qualify for Chapter 7 bankruptcy.

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

Do I Have to Report my Same-Sex Partner’s Income in my Bankruptcy Petition in Michigan?

In Michigan, there is no legal same-sex marriage. However, that does not mean that a same-sex or domestic partner’s income will not need to be accounted for in a Chapter 7 or Chapter 13 bankruptcy filing of the other partner.

If you would like to read more about this topic, please click here to read our full article on same-sex partners or domestic partners in bankruptcy on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

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