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November 1, 2015 Bankruptcy Median Incomes for Kansas and Missouri

It’s that time of year again. November 1, 2015 brings new Median Income Levels for Kansas and Missouri Bankruptcy Filers.

The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify:

Chapter 7 or Chapter 13 bankruptcy?

As of November 1, 2015 the Median Income Levels will changed once again. Median income levels in Kansas are staying pretty steady. There is a slight decrease for smaller families and a fair increase for larger families. However in Missouri, the numbers are up across the board! If your income has been on the border in the past, due to these changes, your ability to file for Chapter 7 Bankruptcy vs a Chapter 13 Bankruptcy might have changed.

Past Median Income Levels for Kansas:
1 Earner $45,980
2 Person $60,577
3 Person $66,065
4 Person $76,017
5 Person $84,117

Median Income Levels for Kansas as of November 1, 2015:
1 Earner $45,653
2 Person $60,562
3 Person $67,349holding steady rise
4 Person $80,639
5 Person $88,739

Past Median Income Levels for Missouri:
1 Earner $42,376
2 Person $52,783
3 Person $62,110
4 Person $72,711
5 Person $80,811

Median Income Levels for Missouri as of November 1, 2015:
1 Earner $44,233
2 Person $54,632
3 Person $63,491
4 Person $74,298
5 Person $82,398

You are presumed to qualify for Chapter 7 Bankruptcy if your household yearly income, as determined by the Means Test, is below the Median Income Level. However many factors determine which Chapter of Bankruptcy you may qualify for and which course of action is in your best interest.

Filing for Bankruptcy and getting your fresh start can benefit you; let our Kansas City Bankruptcy Attorneys explain how. Contact us today for your free consultation.

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