November 1, 2017: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers

November 1, 2017: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers

In Bankruptcy, the Means Test looks at your Median Income and Family Size to determine which Chapter you may file:

Median Incomes are on the rise in 2017

Chapter 7 or Chapter 13

As of November 1, 2017, the Median Income Levels have been updated. Median income levels in Kansas and Missouri are up once again, proof of a growing economy! If your income has been on the border in the past — your ability to file for Chapter 7 Bankruptcy vs a Chapter 13 Bankruptcy might have changed.

Past Median Income Levels for Kansas:

1 Earner $47,591
2 Person $63,327
3 Person $72,981
4 Person $83,528
5 Person $91,928

Median Income Levels for Kansas as of November 1, 2017:

1 Earner $49,630
2 Person $63,754
3 Person $72,221
4 Person $83,723
5 Person $92,123

Past Median Income Levels for Missouri:

1 Earner $44,994
2 Person $57,288
3 Person $65,260
4 Person $81,172
5 Person $89,572

Median Income Levels for Missouri as of November 1, 2017:

1 Earner $45,518
2 Person $57,570
3 Person $68,627
4 Person $81,445
5 Person $89,845

Qualification:

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. If this is the case, you my decide if you want to file a Chapter 7 or a Chapter 13. If you are above the Median Income, you may only qualify for a Chapter 13. 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.

2017-11-02T15:42:29+00:00