Bankruptcy Means Test Nicer to Kansas Debtors Today

The bankruptcy means test got a little nicer to Kansas debtors today as median income figures rose for cases filed on or after May 1, 2012.

Here is the new median family income by family size for Kansas debtors in bankruptcy:

1 earner $42, 924 (up from $41,611)

2 people $57,562 (up from $55,801)

3 people $64,834 (up from 62,850)

4 people $74,959 (up from $72,665)

add $7,500 for each individual over 4 (same).

This is good news for Kansas debtors in bankruptcy. The increase in the median family income will mean more Kansans will qualify for chapter 7 bankruptcy or will have 3 year chapter 13 payment plans instead of 5 year plans.

Photo credit: LicenseAttribution Some rights reserved by kirstyhall

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.