Median income figures for bankruptcy means test were revised in 2020

The United States Trustee has issued an increase in the median family income used for completing Bankruptcy Forms 122A-1 and 122C-1. The increase is based on consumer price index adjustments and is effective as of today, April 1, 2020. The new table is available here.

Median income is used to determine eligibility for Chapter 7 bankruptcy. Debtors with incomes above the median can still qualify in many circumstances; there are separate (and fairly complicated) equations to work out to determine if an over-median debtor can still file a Chapter 7 case. Better call a bankruptcy lawyer….

To give you an idea, the median income level for a single person living alone is $67,119 in Massachusetts and $66,585 in New Hampshire.

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