State median income has been updated!

[optimistic1]

JUST CHECKED THE DOJ WEBSITE! w00t!

IT HAS BEEN UPDATED!

http://www.usdoj.gov/ust/eo/bapcpa/20090315/bci_data/median_income_table.htm

[okiemom2008]

Wow! It went UP alot!! Does anyone know what income I would go by-where I file or the state I am going by for my exemptions?


What happens if you file BEFORE march 15th? You have to go by the old income?

[deadbroke99]

Yes if you file before March 15th you have to go by the old income.

[okiemom2008]

Yes if you file before March 15th you have to go by the old income.

Wait...are those numbers for a 6 month period or 12 month?

What numbers do you go by if you are a family of 3 with only one earner?

[deadbroke99]

You go by family of 3 because that's your household size.

Those figures are for a 12 month period I always thought, Now you have me wondering..lol

[okiemom2008]

You go by family of 3 because that's your household size.

Those figures are for a 12 month period I always thought, Now you have me wondering..lol

Ok, thanks! So the numbers went down...not up??? I wonder why

[kathy4530050]

I just looked up the 2008 median family income table and it looks to me that for most states, the difference between 08 and 09 is an increase of about $1,5000 to $1,600. So, for a 6-month period, that's only $750 to $800. In terms of the means test, this isn't going to make much of a difference for me. However, I am NOT complaining. It helps.

[spearmint]

I just looked up the 2008 median family income table and it looks to me that for most states, the difference between 08 and 09 is an increase of about $1,5000 to $1,600. So, for a 6-month period, that's only $750 to $800. In terms of the means test, this isn't going to make much of a difference for me. However, I am NOT complaining. It helps.

I am trying to understand this. How does it help? If they allow you to earn more, doesn't that mean there's more disposable income left to go to your creditors?

[kathy4530050]

It's good news because it's easier to pass the means test which is based on how much money you have earned in the 6 months just prior to filing. If you earn too much, you may not be able to file. This increase means that you can earn a little more and still past the test and be able to file.

[Over our heads]

Sweet mother that now puts us under the median!!! I was so scared that they were going to lower it. TYTYTY!

[optimistic1]

I just looked up the 2008 median family income table and it looks to me that for most states, the difference between 08 and 09 is an increase of about $1,5000 to $1,600. So, for a 6-month period, that's only $750 to $800. In terms of the means test, this isn't going to make much of a difference for me. However, I am NOT complaining. It helps.

You are not understanding the way the means test works kathy. Your yearly income is based on a calculation of the last 6 months of income. So when you calculate your previous 6 months income, and divide by 6, that is your monthly income. That number is then multiplied by 12 to give your annual income. You do not take the difference between 08 and 09 and divide by 2, that is wrong.

[LaidOff53]

WOW !! we went from being under the means by 20.00 per month to being under by 183.00 , I see a good nights sleep SOMEWHERE in my future !! Im just ticked that i had to use those darn CC's so we still have to wait a couple months :-(

[kathy4530050]

I don't understand. If the median annual income for my state has gone up by $1600, and I divide that by 12 months, that means that my monthly income can increase $133.33, for a total of $799.99 for 6 months. No matter how you do the math, it still comes out the same. What am I missing here?

[okiemom2008]

I don't understand. If the median annual income for my state has gone up by $1600, and I divide that by 12 months, that means that my monthly income can increase $133.33, for a total of $799.99 for 6 months. No matter how you do the math, it still comes out the same. What am I missing here?

I don't think your missing anything? I could be wrong

[LaidOff53]

take your states median yearly amount , divide that by 12 , and that amount is what you have to be under monthly to quailify for chapter 7