Navigating Bankruptcy: Median Income and Your Options
Chapter 7 or Chapter 13
As of November 1, 2018, the Census Bureau Median Income by Family Size has been updated—this happens about every six months. Several of the median income levels in Kansas and all of the median income levels in Missouri are up.
If your income has been on the border in the past, your ability to file for Chapter 7 Bankruptcy vs. a Chapter 13 Bankruptcy might have changed.
Median Income Levels for Kansas as of November 1, 2018:
1 Earner $49,214
2 Person $64,859
3 Person $74,092
4 Person $83,114
5 Person $91,515
Median Income Levels for Missouri as of November 1, 2018:
1 Earner $47,125
2 Person $59,848
3 Person $71,240
4 Person $83,609
5 Person $92,009
Qualification:
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 this is the case, you may decide if you want to file a Chapter 7 or a Chapter 13. If you are above the median income, you may only qualify for a Chapter 13. 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.
