The Census Bureau has released the latest Median Family Income guidelines.\u00a0 The Median Family Income is used as the first step in determining whether or not a person can file a Chapter 7 Bankruptcy.<\/p>\n
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.<\/p>\n
In Louisiana where I practice, the Median Family Income amounts are as follows:<\/p>\n
One Person:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $38,108.00<\/p>\n
Two People:\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0$46,704.00<\/p>\n
Three People\u00a0\u00a0\u00a0\u00a0 $55,699.00<\/p>\n
Four People\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $67,239.00<\/p>\n
For households with more than four people an additional $7,500.00 dollars is added for each additional person in the family.<\/p>\n
The new income amounts go into affect on March 15, 2011.<\/p>\n
To see the Median Family Income for other states, click on the link below:<\/p>\n
U.S. Trustee’s Program<\/a><\/p>\n \nby Kevin Gipson<\/a>, New Orleans, Louisiana bankruptcy lawyer.<\/p>\n","protected":false},"excerpt":{"rendered":" The Census Bureau has released the latest Median Family Income guidelines.\u00a0 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 … Continue reading