New Median Income Data

[ccsjoe]

The higher over median that you are, the more likely that the UST will get involved with you.

[Fallonedward]

Holy crap, mine went down by $4900...

The new median income data, for cases filed after November 1, is now available at the US Trustee's website.

http://www.justice.gov/ust/eo/bapcpa/20101101/bci_data/median_income_table.htm

My state went down...but only by about $40. A lot of worry for nothing. Thank heavens.

[rjmwx81]

The higher over median that you are, the more likely that the UST will get involved with you.

Exactly. Especially if you have expenses that are above the IRS allowances.

[free2breathe]

Wyoming median went up by almost $3K for a family of three. We already filed and were so far below median that it's a miracle we are still surviving ;)

Counting down to the 341....and getting an ulcer from thinking about it! If I survive the next three weeks without a gaping hole in my gut, I'll be surprised.

[scorpion35]

The higher over median that you are, the more likely that the UST will get involved with you.

i am over the median by $2300 how likely will the UST get involved?
my DMI is close to minus $600

[ccsjoe]

scorpion, anynoe over median gets flagged, period. Now, whether you will be subjected to a formal UST review or not depends on a lot of things. Are any expenses questionable? Any income questionable? Property? The UST is not going to waste their time on a straight forward case for the most part.

[scorpion35]

scorpion, anynoe over median gets flagged, period. Now, whether you will be subjected to a formal UST review or not depends on a lot of things. Are any expenses questionable? Any income questionable? Property? The UST is not going to waste their time on a straight forward case for the most part.

my attorney said i should have no problems

[sunflwrgrl13]

For a 2person household in KY, it dropped about $1100. We were planning on filing Nov.1, but now we are screwed. Our lawyer told us we were about $300 too high back in Sept. which is why we were putting off filing in Nov. so that a few months of higher income would drop off. Now we may have to wait another 6mo so that my unemployment income will drop off. More than frustrating to say the least.

If our lawyer advises to wait, I really don't know how we will handle the next 6mo with all the phone calls from creditors and even the possibility we could get served by our mortgage lenders. If we do get served foreclosure papers before we are ready to file, is there something that can be done to delay it until we can file? What about if our credit card companies decide to sue us for garnishment?

[rjmwx81]

The problem is, looking at the trustee's web site, it looks like the figures are updated every 6 months or so anyway. So if you wait another 6 months, the median might go down AGAIN.

Have you asked your lawyer to run the means test for you? Just being over the median doesn't force you into a Chapter 13, it just means you have to go through the whole means test. Depending on your expenses you might still qualify.

[Fallonedward]

I have been freaking out all night since I read about new median going into effect and suddenly going from $2k over median to $4k over median. I have made an appointment with my attorney to see how I can make this work.

Just this once I want something to work out for us...

I'm so thankful to this board. I am able to keep my sanity a bit more

The problem is, looking at the trustee's web site, it looks like the figures are updated every 6 months or so anyway. So if you wait another 6 months, the median might go down AGAIN.

Have you asked your lawyer to run the means test for you? Just being over the median doesn't force you into a Chapter 13, it just means you have to go through the whole means test. Depending on your expenses you might still qualify.

[Okieblue]

Looks like ours went up $1100.

[Bkman2]

Soooooooo glad I converted when I did. Family of 3 in Nevada going down by $7014.00 a year!

[tcreegan]

Hi all,

I was aghast looking at some of the numbers folks are bouncing around, I was thinking 'the median went up $5000, how is someone going to come up with $5000 in expenses to still qualify for a Ch 7?

But then I thought about it...if median income goes UP, that means you can have higher income or less expenses to pass the means test. Median going up makes things easier, even for over-median filers.

Bkman2 is who clued me in.....their median went DOWN by 7K....so now all over median filers are over median + 7K People who had a low DMI now have to come with a bunch of expenses or get converted to Ch 13.

So, if the UST median-income figure went UP, breath a sigh of relief.
If the USTmedian-income figure went DOWN, scramble for your calculators and file before the new numbers take effect.

Hopefully I got this right and not backwards....

Tom in Colo

[wnguyen]

My state went down around $100. This is another down from the previous already down one.

[Freddy03]

Hi all,

I was aghast looking at some of the numbers folks are bouncing around, I was thinking 'the median went up $5000, how is someone going to come up with $5000 in expenses to still qualify for a Ch 7?

But then I thought about it...if median income goes UP, that means you can have higher income or less expenses to pass the means test. Median going up makes things easier, even for over-median filers.

Bkman2 is who clued me in.....their median went DOWN by 7K....so now all over median filers are over median + 7K People who had a low DMI now have to come with a bunch of expenses or get converted to Ch 13.

So, if the UST median-income figure went UP, breath a sigh of relief.
If the USTmedian-income figure went DOWN, scramble for your calculators and file before the new numbers take effect.

Hopefully I got this right and not backwards....

Tom in Colo

Correct - Median went up you should be ok
Median went down - I'm scrambling.....LOL