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New Median Income Figures Effective November 1, 2022

by | Nov 7, 2022 | Firm News

The Department of Justice recently adjusted the median income figures, which are effective in bankruptcy cases filed after November 1, 2022. 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 income figures in Minnesota (gross income):

One person household: +$820 (from $65,514 to $66,334)
Two person household: -$2151 (from $86,358 to $84,207)
Three person household: -$645 (from $106,445 to $105,800)
Four person household: +$5099 (from $125,753 to $130,852)

For each additional household member above four, add $9,900.