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November 1, 2014 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 November 1, 2014 the Median Income Levels will change once again. Median income levels in Kansas are up for the most part. The exception is for the family household size of 3. In Missouri, on the other hand, median income levels are mostly down. The exceptions are for families of 1 and 3.

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 change overnight.

Past Median Income Levels for Kansas:

1 Earner $44,434
2 Person $58,344
3 Person $66,352
4 Person $72,453
5 Person $80,553

Median Income Levels for Kansas as of November 1, 2014:

1 Earner $45,246
2 Person $59,610
3 Person $65,010
4 Person $74,804Median income levels mostly up in KS, but down in MO
5 Person $82,904

Past Median Income Levels for Missouri:

1 Earner $41,594
2 Person $52,174
3 Person $58,310
4 Person $73,288
5 Person $81,388

Median Income Levels for Missouri as of November 1, 2014:

1 Earner $41,700
2 Person $51,940
3 Person $61,119
4 Person $71,550
5 Person $79,650

You are presumed to qualify for Chapter 7 Bankruptcy if your 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.

Chapter 13 Debt Limits

Debtors have the option of filing a chapter 13 bankruptcy as long as some qualifications are met.  One of those qualifications is the debtor’s secured and unsecured debt amounts cannot exceed the limits set for a chapter 13.  A chapter 13 is a repayment plan that allows debtors to make monthly payments to the assigned… Continue Reading