Every six months the United States Department of Justice releases new Median Family income figures for each state and territory. These figures are used to calculate a debtor's eligibility to file for bankruptcy under Chapter 7 of the Bankruptcy Code. If a debtor's income is greater than the median income for their state of residence and family size, they many not be able to file a Chapter 7 bankruptcy case.
The Means Test calculation compares the average monthly income (as calculated over the last six (6) months) to the median family income in a debtor's state for a household of their size. If the average monthly income is lower than the median family income for the debtor's state of residence and family size, then they pass the means test and there is a presumption that they may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of November 1, 2012 were as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of April 1, 2013 are as follows:
Family size 1: $55,602 per year
Family size 2: $67,443 per year
Family size 3: $82,495 per year
Family size 4: $103,624 per year
add an additional $8,100 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
Showing posts with label median income. Show all posts
Showing posts with label median income. Show all posts
Monday, April 8, 2013
Friday, December 7, 2012
New Figures for Median Family Income Released
It's time for our bi-annual median family income update again. The United States Department of Justice twice per year releases new Median Family income figures for each state and territory. These figures are used to calculate a debtor's eligibility to file for bankruptcy under Chapter 7 of the Bankruptcy Code. If your income is greater than the median income for your state of residence and family size, you many not be able to file a Chapter 7 bankruptcy case.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of May 1, 2012 were as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of November 1, 2012 are as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
The Median Family Income for Massachusetts as of May 1, 2012 were as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
These figures went down slightly in each category from these figures.
The Median Family Income for Massachusetts as of November 1, 2012 are as follows:
Family size 1: $54,475 per year
Family size 2: $66,076 per year
Family size 3: $80,822 per year
Family size 4: $101,523 per year
add an additional $7,500 per year for each additional household member.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
Monday, July 9, 2012
US Trustees Release New Figures for Median Family Income
 |
It is ultimately up to the Bankruptcy Judge to decide whether the case should be dismissed. However, if your income exceeds the median family income then a presumption arises under part (a) of the Means Test that you do not qualify for a chapter 7 bankruptcy.
The Means Test calculation compares your average monthly income (as calculated over the last six (6) months) to the median family income in your state for a household of your size. If your average monthly income is lower than the median family income for your state of residence and family size, then you meet the means test and there is a presumption that you may file for Chapter 7 relief.
If your income is greater than the median income for your state of residence and family size, you still might meet part (b) of the means test after taking into consideration certain expenses as defined by the Bankruptcy Code and other deductions, including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health Insurance. If you are subject to this calculation an attorney can help you perform this task.
The Median Family Income for Massachusetts as of November 1, 2011 were as follows:
Family size 1: $53,496 per year
Family size 2: $64,174 per year
Family size 3: $80,337 per year
Family size 4: $99,067 per year
add an additional $7,500 per year for each additional household member.
These figures went up approximately $2,000 per category per year on May 1, 2012.
The Median Family Income for Massachusetts as of May 1, 2012 are as follows:
Family size 1: $55,185 per year
Family size 2: $66,200 per year
Family size 3: $82,873 per year
Family size 4: $102,194 per year
add an additional $7,500 per year for each additional household member.
Click here to learn more about The Means Test or use our Means Test Calculator.
To have an attorney help you with these calculations call 508.655.5980 to schedule a consultation or e-mail us here.
Monday, November 7, 2011
New Median Income Figures Released for all Bankruptcy Cases Filed after November 1, 2011
The United States Trustee Program has released new Census Bureau data which is used for means testing calculations regarding Chapter 7 bankruptcy petitions, and for calculating the plan commitment period for Chapter 13 cases. 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, 2011.
The new figures reflect a decrease in the median income, and will make it more difficult for individuals to file for Chapter 7 bankruptcy. Additionally, the decrease in the median income, coupled with amendments to the National and Local standards may require a longer commitment period for Chapter 13 cases.
In Massachusetts, the new Median Family Income figures are as follows:
Family Size of 1: $53,496
Family Size of 2: $64,174
Family Size of 3: $80,337
Family Size of 4: $99,067
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, as well the updated National Standards and Local Standards is provided here.
If your household income exceeds the median income for your state of residence, other factors are considered for means testing criteria. In addition to updated median income figures, the Department of Justice and Internal Revenue Service have also updated National Standards for Food Clothing & Other Items; National Standards for Out-of-Pocket Health Care Expenses; and Local Standards for Housing, Utilities and Transportation.
While the changes in the Median Income, National Standards and Local Standards have effectively "raised the bar" for new Chapter 7 cases, the changes are not so significant to place bankruptcy out of reach for most individuals and families requiring assistance. If you would like to know more about your options for finding financial freedom, contact Attorney Matthew P. Trask for an initial debt-relief consultation, or call 508.655.5980.
The new figures reflect a decrease in the median income, and will make it more difficult for individuals to file for Chapter 7 bankruptcy. Additionally, the decrease in the median income, coupled with amendments to the National and Local standards may require a longer commitment period for Chapter 13 cases.
In Massachusetts, the new Median Family Income figures are as follows:
Family Size of 1: $53,496
Family Size of 2: $64,174
Family Size of 3: $80,337
Family Size of 4: $99,067
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, as well the updated National Standards and Local Standards is provided here.
If your household income exceeds the median income for your state of residence, other factors are considered for means testing criteria. In addition to updated median income figures, the Department of Justice and Internal Revenue Service have also updated National Standards for Food Clothing & Other Items; National Standards for Out-of-Pocket Health Care Expenses; and Local Standards for Housing, Utilities and Transportation.
While the changes in the Median Income, National Standards and Local Standards have effectively "raised the bar" for new Chapter 7 cases, the changes are not so significant to place bankruptcy out of reach for most individuals and families requiring assistance. If you would like to know more about your options for finding financial freedom, contact Attorney Matthew P. Trask for an initial debt-relief consultation, or call 508.655.5980.
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.
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.
Friday, June 11, 2010
What is the Median Family Income for Massachusetts?
The Median Family Income for Massachusetts as of March 15, 2010 is as follows:
Family size 1: $53,315 per year
Family size 2: $69,204 per year
Family size 3: $82,297 per year
Family size 4: $99,293 per year
add an additional $6,900 per year for each additional household member, up until April 1, 2009. For cases filed after April 1, 2009 add an additional $7,500 for each additional household member.
Under Part (a) of the Chapter 7 means test, if your income is greater than the median income for your state of residence and family size, then there is a presumption that you qualify for bankruptcy relief under chapter 7.
For more information on other states and a Median income Calculator visit our webpage, our mobile webpage designed for smart phones, or download our iPhone App.
Please note that these figures are subject to change and you should consult with an attorney for the current figures.
Family size 1: $53,315 per year
Family size 2: $69,204 per year
Family size 3: $82,297 per year
Family size 4: $99,293 per year
add an additional $6,900 per year for each additional household member, up until April 1, 2009. For cases filed after April 1, 2009 add an additional $7,500 for each additional household member.
Under Part (a) of the Chapter 7 means test, if your income is greater than the median income for your state of residence and family size, then there is a presumption that you qualify for bankruptcy relief under chapter 7.
For more information on other states and a Median income Calculator visit our webpage, our mobile webpage designed for smart phones, or download our iPhone App.Please note that these figures are subject to change and you should consult with an attorney for the current figures.
Subscribe to:
Posts (Atom)
