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 $65,907
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.