The Census Bureau has released the latest Median Family Income guidelines. The Median Family Income is used as the first step in determining whether or not a person can file a Chapter 7 Bankruptcy.
If the person’s median family income is below the average income for his state, then he qualifies to be in a Chapter 7 without having to do any further analysis of his financial situation.
In Louisiana where I practice, the Median Family Income amounts are as follows:
One Person: $38,108.00
Two People: $46,704.00
Three People $55,699.00
Four People $67,239.00
For households with more than four people an additional $7,500.00 dollars is added for each additional person in the family.
The new income amounts go into affect on March 15, 2011.
To see the Median Family Income for other states, click on the link below:
by Kevin Gipson, New Orleans, Louisiana bankruptcy lawyer.
