Median Income Amounts Being Raised on 10/1/2008

[ThreadsSnapping]

The median incomes for means testing purposes will increase by State effective October 1, 2008.

The new numbers can be found here:

http://www.census.gov/hhes/www/income/statemedfaminc.html

Therefore for those who are close it might be wise to put off filing until after 10/01/2008.

TS

[BROKENN]

Good data! Thanks. Forwarding to a friend

[JRScott]

That could help some folks here maybe, good post.

[cupcake]

According to these Excel spreadsheets the median income in my state went down. Is this possible or am I reading these wrong? I am really confused by these spreadsheets. If you open the one by family size it doesn't even give you the numbers for a 1-person family - it gives a "total" number and then numbers for families between 2 and 7.

By Family Size:
Michigan
Total: 59,618 +/-513
2-person families 51,594 +/-632
3-person families 60,997 +/-860
4-person families 73,490 +/-1,383
5-person families 71,575 +/-1,702
6-person families 65,377 +/-3,112
7-or-more-person families 56,448 +/-3,318

By Number of Earners:
Michigan
Total: 59618 +/-513
No earners (dollars) 31922 +/-598
1 earner (dollars) 43050 +/-796
2 earners (dollars) 75535 +/-754
3 or more earners (dollars) 94333 +/-1,316

When I met with my attorney in July he printed off a sample means test, which I have in front of me. At that time, the median income for Michigan was $43,123. I am confused.

[Mi Bankruptcy]

Can anyone explain the reduction in the medium income for people with 4 or more vs people with 7 or more members in the family. Basically, your income can be larger with 4 vs 7?

Michigan
Total: 59,618 +/-513
2-person families 51,594 +/-632
3-person families 60,997 +/-860
4-person families 73,490 +/-1,383
5-person families 71,575 +/-1,702
6-person families 65,377 +/-3,112
7-or-more-person families 56,448 +/-3,318

[cupcake]

I just read this on the U.S. Trustee Program's website about calculation of state median incomes:

http://www.usdoj.gov/ust/eo/bapcpa/20080317/bci_data/median_income_table.htm

So, if I read that correctly, the numbers from the Census Bureau spreadsheets aren't the actual numbers to be used on a means test; the CPI gets factored in and those numbers are adjusted.

[cityish]

Are these median income guidelines put out once a year?

[Sacto Sweetie]

I am a bit confused ..

About the Median Income form ... I am a single mother with one child in CA and I am not sure how to read the form ..

One forms says

1 earner 2 people
$46,814 $61,742

One says

2-person families $62,690

Am I safe to say that my median is $60,000 or would it be $46,000??

Thanks for your help in advance!

[Cali]

We were 1 earner with a total of 4 people, we went with the total under the 4 people.

About the Median Income form ... I am a single mother with one child in CA and I am not sure how to read the form ..

One forms says

1 earner 2 people
$46,814 $61,742

One says

2-person families $62,690

Am I safe to say that my median is $60,000 or would it be $46,000??

Thanks for your help in advance!

[Sacto Sweetie]

Thank you for your help!