November 1, 2020 Census Bureau Median Family Income Released

The United States Census Bureau has released the Median Family Income amounts effective on November 1, 2020.

The income amount is used as the starting point to determine whether a Debtor’s income is high enough to require them to file a Chapter 13 Bankruptcy.

If the income, known as Median Family Income, is below the amount for the family size of the Debtor, then the Debtor can file a Chapter 7 bankruptcy if they wouldn’t benefit from filing a Chapter 13.

For Louisiana the income amounts are as follows:

1 Person: $46,909.00

2 People: $57,592.00

3 People: $67,461.00

4 People: $82,529.00

The Median Family Income increased by an additional $9,000.00 for each additional person in the household.

A State by State list of the Median Family Income is available on the United States Trustee’s website.

About Kevin Gipson, Attorney at Law

I am an attorney licensed in all State and Federal Courts in Louisiana. I practice in the Greater New Orleans Area and work with Consumers to help them with their debt problems. My primary areas of practice are Chapter 7 and Chapter 13 bankruptcy and Student Loan Law.
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