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April 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:

upward trend

Chapter 7 or Chapter 13

As of April 1, 2014 the Median Income Levels will change once again. Median income levels are up across the board in both Kansas and Missouri – no foolin’!

Due to these changes, qualifying for a Chapter 7 Bankruptcy vs a Chapter 13 Bankruptcy may be more likely.

Past Median Income Levels for Kansas:

1 Earner $43,793
2 Person $$57,502
3 Person $65,394
4 Person $73,514
5 Person $81,614

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

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

Past Median Income Levels for Missouri:

1 Earner $40,994
2 Person $51,421
3 Person $57,468
4 Person $72,230
5 Person $80,330

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

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

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.

Median Income Levels Increase Making Chapter 7 and Chapter 13 Bankruptcy More Obtainable In Kansas And Missouri

What does a rise in Median Income Levels mean to you? Starting May 1, 2012 the Median Income Levels went up in Kansas and Missouri. In addition the IRS National Standard Deductions changed. If you have been considering filing for Bankruptcy this means that you may be more likely to qualify for a Chapter 7… Continue Reading