New Median Family Income Amounts Announced For Louisiana
By Kevin Gipson, New Orleans Bankruptcy Attorney on Oct 30, 2008 in General Bankruptcy Information, Means Testing
Effective October 1, 2008 the amount that a person can earn before they might have to file a Chapter 13 bankruptcy was changed. Known as Median Family Income or “The Means Test”, this dollar amount is the first step in determining whether or not a Chapter 13 bankruptcy may be necessary.
Beginning October 1, 2008 the amounts for Louisiana are:
- One Person: $35,579.00
- Two Persons: $45,013.00
- Three Persons: $50,682.00
- Four Persons: $64,170.00
For families with more than four members there is an additional $6,900.00 per person amount added.
As I stated in previous articles, even if your income is above the numbers listed here don’t assume that you must file a Chapter 13 bankruptcy.
The median income is the first part of the test. An experienced attorney such as the attorney’s of the Bankruptcy Law Network can assist you in determining whether you can proceed in Chapter 7.
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