Means Test Median Income for May 1, 2012

The median family income figures by household size to use on the bankruptcy means test for cases filed on or after May 1, 2012 have been released. Fortunately, for Kansas consumers struggling with paying debts, the figures have increased and more people will be able to pass the means test on the first go through.

If your income exceeds these figures, don’t despair, you still may pass the means test on the second go through. Most clients do. Many people, including other lawyers, misunderstand the means test and conclude incorrectly that the median income figure is the end of the analysis. You may still qualify for bankruptcy with above-median income.

Unfortunately, the bankruptcy means test is a complicated formula with many variables and different court rulings from place to place. It cannot be easily calculated. We calculate the means test for  our clients so you do not have to worry about it.

KANSAS 1 – $42,924 2 – $57,562 3 – $64,834 4 – $74,959

Add $7500 for each additional household member

 

Photo Credit: LicenseAttributionNo Derivative Works Some rights reserved by ryantron.