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Yes, one can
still file a Bankruptcy under the BAPCPA law which went into effect on October
17, 2005.
Under Section
707 b (2) of the Bankruptcy Code, a means test was added in order to determine
whether there is a presumption of abuse based on the ability of the Debtor to
repay his creditors.
Fortunately, a
debtor whose income falls below certain standards would not have to meet the
application of the test.
As of March 15,
2009, the data for the State of Illinois median family income by family size
is as follows:
| State |
1 Earner |
Family Size |
| 2 People |
3 People |
4 People * |
| Illinois |
$47,355 |
$60,049 |
$68,730 |
$81,184 |
*Add $6,900 for each individual in
excess of 4
If one's income is under those
amounts in the above chart based on one's family size, that Debtor is eligible
to file a Chapter 7.
If one's income exceeds those
amounts, other rules may be applicable or a Chapter 13 may be recommended.
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