How November 2014 Median Income Adjustments Affect Your Bankruptcy Options

Chapter 7 or Chapter 13

As of November 1, 2014, the Median Income Levels will change 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.

Connect with Us Today for a stress-free legal experience!