Understanding the Impact of Rising Median Income Levels on Bankruptcy Eligibility
Starting May 1, 2012, the Median Income Levels went up in Kansas and Missouri. In addition, the IRS National Standard Deductions changed.
If you have been considering filing for Bankruptcy this means that you may be more likely to 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 $41,611 2 Person $55,801 3 Person $62,850 4 Person $72,665 5 Person $80,165Median Income Levels for Kansas as of May 1, 2012:
1 Earner$42,924 2 Person $57,562 3 Person $64,834 4 Person $74,959 5 Person $$82,459Past Median Income Levels for Missouri:
1 Earner $38,895 2 Person $50,603 3 Person $58,355 4 Person $67,255 5 Person $74,755Median Income Levels for Missouri as of May 1, 2012:
1 Earner $40,123 2 Person $52,200 3 Person $60,197 4 Person $69,378 5 Person $76,878You 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.
This increase in Median Income can benefit you; let our Kansas City Bankruptcy Attorneys explain how. Contact us today for your free consultation.
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