The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. The means test was one of the major changes that occurred as part of Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) [...]
Median Family Income
The bankruptcy means test gets meaner on November 1, 2010, when falling income guidelines go into effect. Â Consumers thinking of filing bankruptcy who may be close to the median income line should compare the BEFORE and AFTER figures. Â Filing bankruptcy by Halloween may be a good idea for some consumer debtors. It is no surprise [...]
The income figures used for determining bankruptcy eligibility are changing again November 1, 2010. Â The numbers come from the Census Bureau, which reports median family income by state. Â The U.S. Trustee takes that data and updates the bankruptcy means test. The U.S. Trustee expects to post modified revised means test charts to its website on [...]
Congress thinks that people who are above-average earners are abusing the bankruptcy system when they file chapter 7. Congress wanted above-average earners to file cases under chapter 13 and devote 5 years of their disposable income to paying some of all of their debts.
A change in the Median Family Income used to determine eligibility to file a bankruptcy changes on November 1, 2009. The Median Family Income for Louisiana beginning November 1, 2009 is as follows: One Person: $37,464.00 Two Persons: $48,287.00 Three Persons: $53,461.00 Four Persons: $66,256.00 For each additional person in the household and additional $6,900.00 is allowed.
