Understanding the New Median Income Figures for Bankruptcy Filers
April 1, 2021: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers
Not sure which chapter of bankruptcy you should file? Finding out what you qualify for may be a good place to start. In bankruptcy, the Means Test looks at your median income and family size to determine which chapter you may qualify for: Chapter 7 or Chapter 13.
As of April 1, 2021, the median income levels have been updated. Median income levels in Kansas and Missouri are up, reflecting a growing economy after such a difficult year. If your income has been on the border in the past, your ability to file for Chapter 7 Bankruptcy versus a Chapter 13 Bankruptcy might have changed.
April 1, 2021 Median Income:
Kansas:
- 1 Person Family: $52,598
- 2 Person Family: $72,442
- 3 Person Family: $84,404
- 4 Person Family: $94,036
Missouri:
- 1 Person Family: $51,144
- 2 Person Family: $66,490
- 3 Person Family: $76,431
- 4 Person Family: $90,521
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.
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.
