The main qualifying factor concerning chapter 7 bankruptcies is whether or not you and your family fall above or below the state median income. The way your income is calculated for filing for bankruptcy is by collecting all proof of income for the previous 6 months, then multiplying that accumulated income by 2 to extrapolate your income throughout an entire year. This process is known as the means test. If you end up below that median then chapter 7 bankruptcy is an eligible option for you to consider. For filing for bankruptcy in 2020 Michigan’s median income is as follows for each specific household size:
Household of 1: $53,113.00
Household of 2: $64,428.00
Household of 3: $78,217.00
Household of 4: $93,653.00
Household of 5+: Add $9,000 to each previous household size (e.g. $102,653.00 for household size of 5, $111,653.00 for household size of 6, etc.)
To better understand if filing for bankruptcy is the right action for you to take, it is recommended you set up a consultation with a local bankruptcy attorney.
Bankruptcy Lawyer Located in Grand Rapids Michigan. Law firm does Chapter 7 and Chapter 13 Bankruptcies.
No comments:
Post a Comment