Chapter 7 Bankruptcy Illinois Income Limits 2024

During the months of May and November, you may see the Illinois income limits for Chapter 7 increase.
Information in this article does not constitute legal advice, it is for informational purposes only, and may not constitute the most up-to-date information. Readers should contact their attorney for advice on any particular legal matter.

You can keep your eye on the government's site as well, but for your convenience, we provided a visual table below as well. 

It may also be helpful to take the Illinois means test calculator as it can estimate if you may qualify for Chapter 7 with your average income, household size, etc. 

Note that your income limit can increase by $9900 for each additional household member that surpasses the below table's household limit. 

# of PeopleAnnual Income
1$66,950
2$86,442
3$105,897
4$125,022
5$134,922
6$144,822
7$154,722
8$164,622
9$174,522

Illinois Means Test Calculator

If you are unsure as to whether or not you may qualify for a Chapter 7 bankruptcy, feel free to take our free Chapter 7 calculator. The calculator was designed with you in mind and is based on the bankruptcy means test forms in Illinois! We want to make sure you understand your eligibility, along with the other options that may be available to you based on your individual situation.

More News Stories

May 18, 2024
Have You Considered These 10 Options Before Filing for Bankruptcy

While bankruptcy is a popular solution out of debt, there are other ways to get rid of debt. If you have been reading up on bankruptcy, and it does not sound like something you would like to proceed with, there are numerous other alternatives for you. For example, you could consider home co-investment, which is different from HELOC and reverse mortgage and doesn't need monthly payments.

Read story
May 18, 2024
A Guide on How a Bankruptcy Trustee Appraises Your Home

Whether you file Chapter 7 or Chapter 13 bankruptcy, the value of your home will have an impact on your bankruptcy case. The bankruptcy trustee assigned to your case will first review the value of your home. The review will help them determine if you have non-exempt equity that you could use to pay your unsecured debts. Let us cover the basics before getting into how a trustee values your home.

Read story
May 18, 2024
Social Security Income and Disability Benefits When Taking a Bankruptcy Means Test

Before filing for bankruptcy, you need to take a Chapter 7 bankruptcy means test.

Read story