In Bankruptcy, the Means Test looks at your Median Income and Family Size to determine which Chapter you may file:
Understanding the Means Test: Navigating Chapter 7 and Chapter 13 Bankruptcy
As of November 1, 2017, the median income levels for Kansas and Missouri have been updated, reflecting a growing economy. These changes may affect your eligibility for Chapter 7 or Chapter 13 bankruptcy, especially if your income has been on the borderline in the past.
Updated Median Income Levels for Kansas:
- 1 Earner: $49,630 (Previously $47,591)
- 2 Persons: $63,754 (Previously $63,327)
- 3 Persons: $72,221 (Previously $72,981)
- 4 Persons: $83,723 (Previously $83,528)
- 5 Persons: $92,123 (Previously $91,928)
Updated Median Income Levels for Missouri:
- 1 Earner: $45,518 (Previously $44,994)
- 2 Persons: $57,570 (Previously $57,288)
- 3 Persons: $68,627 (Previously $65,260)
- 4 Persons: $81,445 (Previously $81,172)
- 5 Persons: $89,845 (Previously $89,572)
Qualification for Bankruptcy:
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. If you qualify, you can choose between filing for Chapter 7 or Chapter 13. If your income is above the median, you may only qualify for Chapter 13. However, many factors influence which chapter of bankruptcy is best for you.
Filing for bankruptcy can provide a fresh financial start. Let our Kansas City bankruptcy attorneys guide you through the process.
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