The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify:
Chapter 7 or Chapter 13
As of November 1, 2014 the Median Income Levels will change once again. Median income levels in Kansas are up for the most part. The exception is for the family household size of 3. In Missouri, on the other hand, median income levels are mostly down. The exceptions are for families of 1 and 3.
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 could change overnight.
Past Median Income Levels for Kansas:
1 Earner $44,434
2 Person $58,344
3 Person $66,352
4 Person $72,453
5 Person $80,553
Median Income Levels for Kansas as of November 1, 2014:
1 Earner $45,246
2 Person $59,610
3 Person $65,010
4 Person $74,804
5 Person $82,904
Past Median Income Levels for Missouri:
1 Earner $41,594
2 Person $52,174
3 Person $58,310
4 Person $73,288
5 Person $81,388
Median Income Levels for Missouri as of November 1, 2014:
1 Earner $41,700
2 Person $51,940
3 Person $61,119
4 Person $71,550
5 Person $79,650
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.