The Right Attorney
When Legal Matters Become Personal

New median income figures go into effect April 1, 2017

| Mar 15, 2017 | Bankruptcy, Firm News

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy case is filed after April 1, 2017. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For chapter 13 debtors, being under the median is helpful as it permits the debtor to complete their plan payments within 36 months.

Here are current and new figures in Minnesota (gross income):

  • One person household: +$658 (from $52,127 to $52,785)
  • Two person household: +$883 (from $70,006 to $70,889)
  • Three person household: +$1,059 (from $83,974 to $85,033)
  • Four person household: +$1,268 (from $100,494 to $101,762)

The increase for additional household members above the first four remains the same, at $8,400