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Kansas Chapter 7 and Chapter 13 Bankruptcy Median Income Levels Decrease, Missouri Varies Depending On Family Size

What does a change in Median Income Levels mean to you?

As of November 1, 2012 the Median Income Levels are back down in Kansas. This comes after the Median Income rise we saw in May 1, 2012. In Missouri, the Median Income change reflects a decrease except for larger families.

Despite the decreases, these are not the lowest Median Income levels we have seen – even this year. If you have been considering filing for Bankruptcy, many will still qualify for a Chapter 7 Bankruptcy or be able to file a Chapter 13 Bankruptcy with only a three year Plan.

Past Median Income Levels for Kansas:

1 Earner$42,924
2 Person $57,562
3 Person $64,834
4 Person $74,959
5 Person $$82,459

Median Income Levels for Kansas as of November 1, 2012:

1 Earner $41,714
2 Person $55,698
3 Person $64,571
4 Person $74,853
5 Person $82,353

Past Median Income Levels for Missouri:

1 Earner $40,123
2 Person $52,200
3 Person $60,197
4 Person $69,378
5 Person $76,878

Median Income Levels for Missouri as of November 1, 2012:

1 Earner $40,250
2 Person $50,734
3 Person $58,342
4 Person $70,687
5 Person $78,187

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.