Thursday, October 14, 2010

New Median Income Figures Released for all Bankruptcy Cases Filed after November 1, 2010

The United States Trustee Program has released new Census Bureau data which is used for means testing calculations regarding Chapter 7 and Chapter 13 bankruptcy petitions. Due to the updated figures, the various standards for the expenses in the "means test" form will change for all bankruptcy cases filed on or after November 1, 2010.

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

Family Size of 1: $54,161
Family Size of 2: $67,142
Family Size of 3: $82,385
Family Size of 4: $100,462

In addition, 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 the Kelsey & 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.

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