May 1, 2017
The deductions that filers can take when determining Chapter 7 bankruptcy qualification are set to change on May 1, 2017. The change affects the following:
The increased deductions should help more people qualify for a Chapter 7 discharge. For more information, read Completing the Chapter 7 Means Test Calculation (Form 122A-2).
You’ll find the new amounts by visiting the U.S. Trustee Program page on the Department of Justice website. Click on the means testing information link in the left column. To locate the new data, you’ll select “5/1/2017 and after” from the “Data Required for Completing the 122A Forms and the 122C Forms” drop-down menu.
Effective May 1, 2017