April 1, 2023 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
Most individual debtors filing for bankruptcy relief are required to complete a version of Bankruptcy Form 122. On April 1, 2023, the Median Income Levels changed once again. Typically, Median Income Levels are adjusted each April and November.
As we move post-Covid: Kansas and Missouri — numbers are up across the board!
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 might have changed. If a Chapter 13 is in your best interest, your Plan Payment may be reduced.
Past Median Income Levels for Kansas:
1 Person $56,626
2 Person $73,843
3 Person $81,730
4 Person $104,767
5 Person $114,667
Median Income Levels for Kansas as of April 1, 2023:
1 Person $61,158
2 Person $79,752
3 Person $88,271
4 Person $113,151
5 Person $123,051
Past Median Income Levels for Missouri:
1 Person $56,633
2 Person $69,699
3 Person $82,882
4 Person $101,203
5 Person $111,103
Median Income Levels for Missouri as of April 1 ,2023:
1 Person $61,165
2 Person $75,277
3 Person $$89,515
4 Person $109,302
5 Person $119,202
You are presumed to qualify for Chapter 7 Bankruptcy if your household yearly income, as determined by the Means Test, is below the Median Income Level. However, many factors determine which Chapter of Bankruptcy and course of action is in your best interest.