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Median income figures decrease effective November 1

by | Nov 5, 2024 | Bankruptcy, Chapter 7

The easy way to qualify financially for chapter 7 bankruptcy (i.e. without doing the means test) is by being under the median income. Other than a household of 3, all figures decreased slightly. The census bureau has determined that the median income for these household sizes has changed as follows:

One person household: (from $72,319 to $71,961)
Two person household: (from $93,855 to $92,245)
Three person household: (from $117,426  to $119,809)
Four person household: ($141,903 to $140,800)

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

 

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