State median income has been updated!

[optimistic1]

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

No. Take your income for the last 6 months, divide by 6, then multiply by 12, THAT is the amount that you need to be under the median income in the table.

[kathy4530050]

I understand that. I was just trying to figure out what impact the increase in my state's median income would have on my ability to pass the means test.

[welovedis]

OMG--if only we had waited to file until now....we'd be way under.

[LaidOff53]

This time my percrastination has paid off !!!

[frankie1]

Re

Will they also change the National Standards as well as the Local Standards

[Trixie007]

The amounts for rent/mortgage, utilities, and out of pocket medical went up a little for us. The auto expenses seem to be the same.

[kathy4530050]

Trixie,

How did you learn what the new limits in each expense category are?

[SubPrimeME]

Trixie,

How did you learn what the new limits in each expense category are?

Well I know you can go through the Means test and it will show you what the max are.

[kathy4530050]

Does each state have its own means test?

[optimistic1]

No, form B22 is universal, the specific IRS and Census Bureau data is state specific.

[kathy4530050]

ok. thanks