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New median income figures go into effect November 1, 2019

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after November 1, 2019. The median income is an important figure, as debtors below that figure are…

New median income figures go into effect May 1, 2019

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after May 1, 2019. The median income is an important figure, as debtors below that figure are almost…

New median income figures, effective April 1, 2018

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after April 1, 2018. The median income is an important figure, as debtors below that figure are almost…

New median income figures go into effect November 1, 2017

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy case is filed after November 1, 2017. The median income is an important figure, as debtors below that figure…

What are the downsides of filing bankruptcy?

The decision to file bankruptcy requires consideration of the pros and cons. My new debt resolution comparison chart is a good place to start when considering the alternatives, and whether bankruptcy is the best fit. There are certain negative…

New median income figures go into effect April 1, 2017

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…

Median income figures get upward adjustment

Recently released census bureau figures show that the median income figures will increase for bankruptcy cases filed after November 1. These figures are typically adjusted every November and May. The median income is a function of household…

What is the means test in bankruptcy?

The means test is part of the 2005 bankruptcy Reform Act, which is a governmental budgeting formula for debtors whose household income is above the median in their respective state, to see if they qualify for chapter 7. About 80% of my clients…