April 1, 2015 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
As of April 1, 2015 the Median Income Levels changed once again. Median income levels in Kansas and Missouri are up. 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 could be more favorable.
Past Median Income Levels for Kansas:
1 Earner $45,246
2 Person $59,610
3 Person $65,010
4 Person $74,804
5 Person $82,904
Median Income Levels for Kansas as of April 1, 2015:
1 Earner $45,980
2 Person $60,577
3 Person $66,065
4 Person $76,017
5 Person $84,117
Past Median Income Levels for Missouri:
1 Earner $41,700
2 Person $51,940
3 Person $61,119
4 Person $71,550
5 Person $79,650
Median Income Levels for Missouri as of April 1, 2015:
1 Earner $42,376
2 Person $52,783
3 Person $62,110
4 Person $72,711
5 Person $80,811
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.