April 1, 2022: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers
In Bankruptcy, the Means Test looks at your Median Income and Family Size to determine which Chapter you may file:
Do you qualify for a Chapter 7 or Chapter 13?
On April 1, 2022, the Median Income Levels were updated for the first time since May 15, 2021. The Census Bureau decided not to update median income totals by state and family size in 2021 due to data quality issues associated with the COVID-19 pandemic.
The U.S. Trustee Program moved forward with posting updated median income totals with a Consumer Price Index adjustment this Spring.
Median income levels in Kansas and Missouri are up once again, proof of a growing economy — despite inflation and everything we have been through the past two years.
If your income has been on the border in the past, your ability to file for Chapter 7 Bankruptcy vs a Chapter 13 Bankruptcy might have changed.
Past Median Income Levels for Kansas:
1 Earner $52,598
2 Person $72,442
3 Person $84,404
4 Person $94,036
5 Person $103,036
Median Income Levels for Kansas as of April 1, 2022:
1 Earner $ 55,069
2 Person $ 75,845
3 Person $ 88,369
4 Person $ 98,454
5 Person $108,354
Past Median Income Levels for Missouri:
1 Earner $51,144
2 Person $66,490
3 Person $76,431
4 Person $90,521
5 Person $99,521
Median Income Levels for Missouri as of April 1, 2022:
1 Earner $53,547
2 Person $69,614
3 Person $80,022
4 Person $94,774
5 Person $104,674
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 you may qualify for and which course of action is in your best interest.