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 15, 2013 the Median Income Levels changed once again. Kansas single filers will see an increase while larger families have taken a hit. This comes after the Median Income increases we saw in May 2013. In Missouri, the Median Income change is minor both directions.
Due to these changes, qualifying for a Chapter 7 Bankruptcy vs a Chapter 13 Bankruptcy may depend largely on family size.
Past Median Income Levels for Kansas:
1 Earner $42,577
2 Person $56,851
3 Person $65,907
4 Person $76,402
5 Person $84,502
Median Income Levels for Kansas as of November 15, 2013:
1 Earner $43,793
2 Person $$57,502
3 Person $65,394
4 Person $72,453
5 Person $80,553
Past Median Income Levels for Missouri:
1 Earner $41,092
2 Person $51,784
3 Person $59,549
4 Person $72,150
5 Person $80,250
Median Income Levels for Missouri as of November 15, 2013:
1 Earner $40,994
2 Person $51,421
3 Person $57,468
4 Person $72,230
5 Person $80,330
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.