Census released new income numbers

[tdawg]

How are the IRS standards updated?

Does this affect the IRS standards for expenses that are deducted on the means test? If so, where is that info. If not, how do those get updated? From the CPI in March?

[JoeBankrupt33]

This is a rediculously long link, but it takes you to the info. I completely agree that this is not easy to find, but I've spent a good amount of time messing around on their site. In the coming weeks, they will probably put this info into one easy to read table for public (and bankruptcy) use. Because the data was released so late this year, I'm guessing it won't affect any BKs until November. In the past, the data was released at the end of August, but this year, they had some technical difficulties, which is also why some data isn't released yet.

Now, when you look at the data, you must realize that 1-person household data is not used. They use the median income from 1-earner families, but this table hasn't been released yet by the census. Also, they don't use 5 person family data or larger. Instead, they use the 4 person family and add $6900 for each additional person (I don't know if the $6900 is fixed from year to year).

As for the IRS standards, I think these are completely unrelated, and I have no idea when these are updated.

http://factfinder.census.gov/servlet...mat=&-_lang=en

[optimistic1]

This is a rediculously long link, but it takes you to the info. I completely agree that this is not easy to find, but I've spent a good amount of time messing around on their site. In the coming weeks, they will probably put this info into one easy to read table for public (and bankruptcy) use. Because the data was released so late this year, I'm guessing it won't affect any BKs until November. In the past, the data was released at the end of August, but this year, they had some technical difficulties, which is also why some data isn't released yet.

Now, when you look at the data, you must realize that 1-person household data is not used. They use the median income from 1-earner families, but this table hasn't been released yet by the census. Also, they don't use 5 person family data or larger. Instead, they use the 4 person family and add $6900 for each additional person (I don't know if the $6900 is fixed from year to year).

As for the IRS standards, I think these are completely unrelated, and I have no idea when these are updated.

http://factfinder.census.gov/servlet...mat=&-_lang=en

The pattern I have seen is Oct.1st for release, thanks for the data, if what you say is true, this is great for me, I was stressing out thinking it would make us over median and have to do a 5 year plan. We are way under the median, so much, that I might wait until I can do a Chapter 7. Only time will tell.

[kenshirley]

I will have to keep an eye on the new figures as I know someone filing most likely in Nov and they are close to the median.

[JoeBankrupt33]

I made a mistake with these numbers. Please see the following post:

http://www.bkforum.com/showthread.ph...514#post332514

[howdidithappen]

So if you're just a few dollars over the listed median you're SOL for a chapter 13? Does the equity in your home come into play also?

[Underwater22]

Any word on when this is taking affect? We were planning on filing end of October. We were about 2k under here in Florida but now it looks like we may be a couple hundred over. Would love to streatch to the end of October to be able to cash out bank account paying November fixed bills a couple days early. But absolutly making the means test is much more important.

[kenshirley]

I would suspect, looking at history, that it should change this month sometime.
It's published and people dealing with the process know about it a week or so in advance.
If you are filing during Oct, I might suggest you get it done if you have what you want under the current figures.
Estimates are that the medians may well go down in some areas. But they may well go up in others.
The bottom line is you know what the figures are now, if you are filing this month why risk it?