Every six months the United States Department of Justice releases new Median Family income figures for each state and territory. These figures are used to calculate a debtor's eligibility to file for bankruptcy under Chapter 7 of the Bankruptcy Code. If a debtor's income is greater than the median income for their state of residence and family size, they many not be able to file a Chapter 7 bankruptcy case.
The Means Test calculation compares the average monthly income (as calculated over the last six (6) months) to the median family income in a debtor's state for a household of their size. If the average monthly income is lower than the median family income for the debtor's state of residence and family size, then they pass the means test and there is a presumption that they may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of November 1, 2012 were as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of April 1, 2013 are as follows:
Family size 1: $55,602 per year
Family size 2: $67,443 per year
Family size 3: $82,495 per year
Family size 4: $103,624 per year
add an additional $8,100 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
Showing posts with label means test. Show all posts
Showing posts with label means test. Show all posts
Monday, April 8, 2013
Friday, December 7, 2012
New Figures for Median Family Income Released
It's time for our bi-annual median family income update again. The United States Department of Justice twice per year releases new Median Family income figures for each state and territory. These figures are used to calculate a debtor's eligibility to file for bankruptcy under Chapter 7 of the Bankruptcy Code. If your income is greater than the median income for your state of residence and family size, you many not be able to file a Chapter 7 bankruptcy case.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of May 1, 2012 were as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of November 1, 2012 are as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of May 1, 2012 were as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of November 1, 2012 are as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
Monday, July 9, 2012
US Trustees Release New Figures for Median Family Income
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It is ultimately up to the Bankruptcy Judge to decide whether the case should be dismissed. However, if your income exceeds the median family income then a presumption arises under part (a) of the Means Test that you do not qualify for a chapter 7 bankruptcy.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
The Median Family Income for Massachusetts as of November 1, 2011 were as follows:
Family size 1: $53,496 per year
Family size 2: $64,174 per year
Family size 3: $80,337 per year
Family size 4: $99,067 per year
add an additional $7,500 per year for each additional household member.
These figures went up approximately $2,000 per category per year on May 1, 2012.
The Median Family Income for Massachusetts as of May 1, 2012 are as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
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