How much can a household earn and still qualify for Chapter 7 Bankruptcy and a Fresh Start?
NY Census Median Income Effective 11/1/2016
| Period | 1 Person | 2 People | 3 People | 4 People | 5 People | 6 People | 7 People | 8 People | Add’l |
| Year | $50,768 | $65,233 | $74,925 | $90,852 | $99,252 | $107,652 | $116,052 | $124,452 | $8,400 |
| Month | $4,231 | $5,436 | $6,244 | $7,571 | $8,271 | $8,971 | $9,671 | $10,371 | $700 |
| Week | $976 | $1,254 | $1,441 | $1,747 | $1,909 | $2,070 | $2,232 | $2,393 | $162 |
Source: www.bestcase.com/MeansTest Changes
THE MEANS TEST IN BANKRUPTCY
(In Effect as of 2005)
The above chart shows how much a household can earn (annually, monthly, or weekly) and still qualify for Chapter 7 Bankruptcy relief, become debt free overnight & get a fresh start.
ONLY the average gross income (net if self-employed) of the 6 MONTHS JUST PRIOR TO FILING bankruptcy is used to DETERMINE ELIGIBILITY.
The debtor’s income BEFORE those 6 months and AFTER the bankruptcy filing DOES NOT DETERMINE ELIGIBILITY. A non-filing spouse’s income is not included if separated.
Who qualifies as a household member? They may be permanent or temporary residents who are friends, neighbors, relatives, children, infants, or adults. They need not be listed on prior tax returns.
Bankruptcy is a government sanctioned forgiveness of debt, with no tax liability and the ability to rebuild your credit in 2 years. It is Federal Law.
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Consumer Bankruptcy Attorney
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Admitted to practice law in NY State & in the Southern & Eastern District Bankruptcy Courts.
OVER 34 YEARS OF EXPERIENCE
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