New Bankruptcy Median Income Figures Effective November 1, 2009

Photo by Kim Held
Photo by Kim Held

Written by Summerville Bankruptcy Lawyer, Russell A. DeMott

If you need to file bankruptcy, you must first determine whether you are above median income for the state in which your live.   Unless your debts are primarily business debts, this  determines whether or not you must complete the means test portion of the bankruptcy schedules and whether you may qualify for a Chapter 7 bankruptcy, or  must file a Chapter 13 bankruptcy.

The United States Trustee’s Office  has published new median income statistics based on information from the United States Census Bureau. The new median income statistics will be applied to all cases filed on or after November 1, 2009.   The new median income data for South Carolina is  as follows:

Family of One: $39,191 (up from  $38,728)

Family of Two: $51,374 (up from  $50,823)

Family of Three: $55,296 (up from  $54,834)

Family of Four: $65,655 (down from  $65,974)

As you can see, the median income figures for all families are higher, with the exception of households of four, which went down slightly.   For each family member in the household over four, add $6,900.

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