March 10, 2011

More People May Qualify For Chapter 7 Bankruptcy

Posted in Bankruptcy tagged at 3:38 pm by demetriagraves

If you’re wondering if you may qualify for Chapter 7 Bankruptcy, then I have some potential good news. The United States Trustee program has released new Census Bureau information on median family income. This information is broken down by state and by family size. Basically, it’s much easier to qualify for chapter 7 bankruptcy, if your income is at or below the average median income for a family of your size in your state.

These numbers are adjusted periodically and traditionally the median income has risen, which means that more people could qualify for a chapter 7 bankruptcy because their incomes were below the cut off. However, the last few adjustments of median income have actually been adjusted down due to job loss and falling incomes. The numbers just released show a slight increase, which will help those that are right on the cut off to be able to qualify for a chapter 7 bankruptcy. Currently the numbers for median household income in California are:$47,234 for a single person household, $61,954 for a 2 person household, $67,562 for a 3 person household and $77,596 for a 4 person household.

The increases are not large but for many it will make the difference between qualifying for a chapter 7 bankruptcy or not. If you have questions about filing for bankruptcy I offer a free 30 minute telephone bankruptcy consultation where we can discuss your debt situation and determine if you qualify for a chapter 7 bankruptcy.

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