The US Census Bureau Family Medium Income chart will be updated once again on April 1st, 2022. This is important because it helps determine whether or not you can file for Chapter 7 Bankruptcy. Incomes above the threshold (annualized on the chart) are not eligible to for a Chapter 7 bankruptcy, but instead must file a five-year Chapter 13 Bankruptcy plan.
The actual look back period is six months, though the chart as provided by the US Census Bureau is in annualized amounts. Therefore, these numbers can be divided by two to give you an idea of whether or not your gross income for the six months before filing is too much to file Chapter 7 Bankruptcy. The new amounts are as followed:
Household of one: $60,640.00
Household of two: $74,805.00
Household of three: $92,441.00
Household of four: $110,077.00
Add $9,900.00 for each individual in excess of 4
Call us at 412-414-9366 to set up a free consultation if you want to know whether or not you qualify for the Chapter 7 Bankruptcy. Many issues go into determining whether or not you qualify, but understanding the means test is a good start.