Means Test Figures Change May 1

The means test will change on May 1, 2012. The median income figures will increase for a Florida bankruptcy.

For a household of 1, the increase is from $40,766 to $42,053. For a household of 2, from $49,729 to $51,299.

Similarly, a household of 3 increases from $52,840 to $54,508. For a household of 4, from $62,742 to $64,722.

This increase may enable certain debtors to qualify for chapter 7 instead of chapter 13. Additionally, for debtors who need to file chapter 13, some debtors might now qualify for a 3 year plan(under median income) instead of the requirement of a 5 year plan (for over median debtors.)



Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *