Bad news for families needing to file bankruptcy in Fresno! Beginning November 15, 2013, families will need to make almost $500 less per year to qualify to file chapter 7.
In order to qualify for a Chapter 7 bankruptcy, most families have to pass the "means test". In very simple terms, the "means test" takes a family's "net" income and measures it against established guidelines. Those guidelines become tougher beginning November 15, 2013.
If you are single, the new median family income is $47,798. It used to be $48,415. A family of 2 is allowed $62,009. It was $63,030. A family of three is $66,618. It was $67,401. A family of four is now allowed $75,111. It used to be $75,656. If you have a larger family, add $8,100 for each member in excess of 4. You can view the guideline table at the United States Department of Justice's website:http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm
If you are contemplating filing Chapter 7 bankruptcy and you are close to these means test numbers, it would be wise to file Chapter 7 before November 15, 2013.
The new "means test" data changes frequently. These numbers should be good until April 15, 2014.
Attorney Ken Jorgensen is located in Clovis, California. He handles personal, property and business disputes, including bankruptcy and eviction cases. You can find out more about Ken on Facebook, or at his websites, www.fresnolawgroup.com and www.fresnobankruptcylawgroup.com. He can be reached at jorgensenlaw@gmail.com or by telephone at 1-559-324-1882.
Photo Credit: http://www.flickr.com/photos/nathanf/
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