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Tag Archives: Median Income Level

Bankruptcy Median Income Update for Kansas and Missouri

The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify:

Chapter 7 or Chapter 13

As of tomorrow, May 1, 2013, the Median Income Levels are changing once again. They are back up in Kansas. This comes after the Median Income decrease we saw on November 1, 2012. In Missouri, the Median Income change also reflects an increase.

Due to these increases, those that were close may now 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 $41,714
2 Person $55,698
3 Person $64,571
4 Person $74,853
5 Person $82,353

Median Income Levels for Kansas as of May 1, 2013:

1 Earner $42,577
2 Person $56,851
3 Person $65,907Median income graph
4 Person $76,402
5 Person $84,502

Past Median Income Levels for Missouri:

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

Median Income Levels for Missouri as of May 1, 2013:

1 Earner $41,092
2 Person $51,784
3 Person $59,549
4 Person $72,150
5 Person $80,250

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