Friday, March 5, 2010

New Median Income Figures Released for all Bankruptcy Cases Filed after March 15, 2010

The United States Trustee Program has released new Census Bureau, IRS Data and Administrative Expenses Multipliers which are used for means testing calculations regarding Chapter 7 and Chapter 13 bankruptcy petitions. Due to the updated IRS Data, the various standards for the expenses in the "means test" form will change for all bankruptcy cases filed on or after March 15, 2010.

In Massachusetts, the new Median Family Income figures are as follows:

Family Size of 1: $53,315
Family Size of 2: $69,204
Family Size of 3: $82,297
Family Size of 4: $99,239

For cases filed on or before March 31, 2010, add $6,900 for each individual in excess of 4. For cases filed on or after April 1, 2010, add $7,500 for each individual in excess of 4.

For a list of the updated median family income figures for other states, a complete list is provided here.

In addition, the Kelsey & Trask, P.C. bankruptcy website has been updated to reflect the new figures, including updates to theKelsey & Trask P.C. Means Test Calculator, and also our Mobile Means Test Calculator, optimized for use on smartphones. We will also be making the same updates to our Means Test Calculator iPhone App in the near future, so be sure to update your App.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts Plugin for WordPress, Blogger...