Median Gross Income Numbers Go Up for Folks Considering Bankruptcy in Kentucky

Posted on March 7, 2011. Filed under: Uncategorized |

The Means Test numbers for folks considering Chapter 7 bankruptcy in Kentucky have gone up effective March 15th, 2011.  This means that it could be possibly somewhat easier to qualify for Chapter 7 bankruptcy.  Even if the household income falls below these figures, it may still not be possible to file Chapter 7 bankruptcy. 

The new median income figures used for the Means Test,  for Kentucky households are:

  • $37,606 (1 person household)
  • $45,081  (2 person household)
  • $51,883   (3 person household)
  • $63,768  (4 person household)

*Add $7,500 for each individual in the household over 4.

Source: US Trustee Program Website

The figures went up by approximately $1000 per household size. If the household income exceeds these figures, it is still possible to file Chapter 7 bankruptcy, but a calculation would need to be done using deductions allowed under the bankruptcy code. 

Determining eligibility for bankruptcy is a complex, time-consuming process.  It is very important to seek the services of a qualified, experienced bankruptcy attorney when considering bankruptcy as an option.

Make a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

One Response to “Median Gross Income Numbers Go Up for Folks Considering Bankruptcy in Kentucky”

RSS Feed for Kentucky Bankruptcy Attorney – Call Toll Free Today 1-888-651-9353 or 270-651-7777 Comments RSS Feed

Amazing how many people just don’t stop the bleeding and contact an attorney.


Where's The Comment Form?

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: