Means Test Numbers Adjusted

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The formula that is used to measure income for bankruptcy purposes changed again. The numbers were adjusted May 1 and May 15, 2015.

Most Kansans fared better on the means test after the new numbers went into effect. In theory, the means test determines the type of bankruptcy a debtor file and now much must be paid back to creditors, if any.

New median income figures for Kansas for cases filed on or after May 1, 2015:

one $45,980 (from $45,246)

two $60,577 (from $59,610)

three $66,065 (from $65,010)

four $76,017 (from $74,804)

add $8100 for each family member over 4.

The living expense standards for household above the median income also changed.

 

Graphic Credit: Bill Brooks
About Jill Michaux

Jill Michaux is a Kansas bankruptcy attorney. She can be found on Google+. She and her partner, Mark Neis, are Topeka's only board certified consumer bankruptcy law specialists.

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