Means test median income - when do they update?

[doingpoorly]

So the median income was updated on 3-15-09 and before that on 10-1-08 and 3-17-08. If followed a predictable schedule for the last couple of updates but before that there did not seem to be any rhyme or reason to the dates of the updated median income. Before 3-17-08 they updated on 2-1-08, 1-1-08, 10-15-07, 2-10-07.

Anyway, my question is do they have a set schedule for updating the median income amounts ?

If you go by recent history they should update them come October. I may be filing in October and worry that the new median income amounts will go down based on the number of unemployed and reductions in pay that many have taken. I am in South Florida and all the people I know now make less than they did last year. LOL

The official numbers are likely to reflect this, no?

If the numbers are lower come October it may be advantageous to file before then in order to be under the median income, wouldn't it?

How far in advance do they say that median income numbers have changed? Does anyone remember when they announced the March numbers this year? Will there be enough time to change plans and file earlier if the median income does indeed drop?

Gosh, I didn't take into all these little things when I began to think about pre-bankruptcy planning.

[lrprn]

There is no set schedule for updating the median income by family size for each state. However, the updates do seem to come in 6 month cycles for the most part.

When the median income table does update, there's no way to tell ahead of time whether the median income is going to increase, decrease, or stay the same. Also there's no way to tell ahead of time how much of a change there will be - it varies from state to state. Changes in the median income by state and family size is based on data that comes from the Census Bureau.

[StartingOver08]

It seems to me that there was about a 15 day notice ahead of the actual update. So you could keep checking the DOJ website around Late Sept/early Oct to see if there is a notice.

You might want to check the posts here in bkforum on median income in Feb 2009 to see what I am talking about.

[gkwtoy]

I called the census bureau the median income is completed in
September so the update will probably happen in Oct. I too worry about the change in median income. I am planning on filing ch 7 in sept and I will barely be able to meet the median income provided it doesn't go down. I live in Nevada. Any thoughts out there. I called my lawyer's office and the paralegal says the median income always goes up don't worry. I am not sure if I believe her.

[aces67]

I know from the time we initially filed which was December or January of 07 until we converted this year the median did go up by quite a lot actually!