NEW MEDIAN INCOME NUMBERS MAKE IT HARDER FOR FAMILIES TO FILE CHAPTER 7 BANKRUPTCY IN GRAND RAPIDS

Every 6 months the US Census Bureau publishes Median Income Numbers which are used in the “Means Test” required to be completed by all persons filing for Bankruptcy.  Persons whose income is below the means number based on household size are presumed to qualify for a Chapter 7 Fresh Start.  The new numbers which take effect for those filing on November 1, 2011 and thereafter are as follows:  Single Filer $43,677; Household of 2: $50,079; Household of 3: $58,467 and household of 4: $70,237.   The new numbers are $1,125 dollars higher for single filers, making it easier for them to qualify for Chapter 7 relief, but lower for households of three and four, which saw a $1,300 to $1,500 reduction in median income.   If your household is  thinking of filing and your income is slightly over the new Median Income number, it may behoove you to contact an attorney who can get your Chapter 7 filing accomplished by Holloweeen!

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Bankruptcy Attorney serving Grand Rapids Michigan and all of Western Michigan

Website: http://www.grandrapidsbankruptcylaw.com/demo

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