New median income figures for bankruptcy means testing were adopted today by the Executive Office of the U.S. Trustee as expected. The new guidelines apply to consumer bankruptcy cases filed starting October 1, 2008.
Read more about the bankruptcy means test. Past income is the correct measure of chapter 13 payments according to the 9th Circuit Court of Appeals by Cathy Moran of Mountain View, CA. The 8th Circuit Court of Appeals ruled that IRA withdrawals don’t count as income for the means test, Wendell Sherk of St. Louis, MO, reports. Brett Weiss discusses filing a chapter 7 bankruptcy for over median income debtors.
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