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