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The Means Test and Your Private School Tuition

When you speak with a lawyer about filing for Chapter 7 bankruptcy, he or she will evaluate your income and qualifying deductions to determine if you pass the means test. This simply means that if your income is above a certain threshold after allowed deductions, you'll have to file for Chapter 13 bankruptcy instead of Chapter 7. One common question bankruptcy filers have is whether they can deduct private school tuition for their children for the purpose of passing the means test.

As your lawyer can explain, you'll be allowed to deduct a certain portion of each month's tuition for every child in your household who is under the age of 18. It's likely that you won't be able to deduct the full cost of their private tuition, but your allowed deductions might still let you pass the means test.

To determine if Chapter 7 bankruptcy is right for you, schedule a one-on-one consult with an attorney at the law firm of Cutler & Associates, Ltd. You can reach our office in Schaumburg or Aurora at (847) 961-4572.

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