April 1, 2024 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, 2024, the Median Income Levels change once again. The U.S. Trustee Program will apply the updated data to cases filed on or after April 1, 2024. Typically, Median Income Levels are adjusted each April and November.
Numbers are up across the board for both Kansas and Missouri! This could be good news for you and a good sign that the economy is turning around.
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. You have until the end of October to use the higher numbers for your Means Testing.
Past Median Income Levels for Kansas:
1 Person $61,967
2 Person $79,416
3 Person $96,366
4 Person $106,796
5 Person $116,696
Median Income Levels for Kansas as of April 1, 2024:
1 Person $64,518
2 Person $82,685
3 Person $100,333
4 Person $111,192
5 Person $121,092
Past Median Income Levels for Missouri:
1 Person $57,248
2 Person $73,751
3 Person $87,722
4 Person $101,726
5 Person $111,626
Median Income Levels for Missouri as of April 1, 2024:
1 Person $59,605
2 Person $76,787
3 Person $91,333
4 Person $105,914
5 Person $115,814
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.