New Income Figures for Means Test coming in October, 2010

[debee]

I read this at a bankruptcy law website:

The income figures used for determining bankruptcy eligibility are changing again November 1, 2010. The numbers come from the Census Bureau, which reports median family income by state. The U.S. Trustee takes that data and updates the bankruptcy means test.

The U.S. Trustee expects to post modified revised means test charts to its website on October 12, 2010. The new figures will apply to bankruptcy petitions filed on or after November 1, 2010.

[redhunter]

Sounds like normal annual inflation adjustment rather than a new law.

[momofthree]

Yes, this is done regularly. It's just updating the new "median" incomes for each state, which will probably drop with the condition the economy is in right now....

[debee]

Right - it could go up or it could go down, which is what makes it important for people like me who are in pre-planning stages, earning a little over the median and number crunching to pass the means test. Might be other less savvy types (like me) who need a heads up.

[rjmwx81]

So how much do these figures usually change? Right now I'm sitting about $6000 below the median. Is there likely to be that large of a swing?

[debee]

I went to the US Trustee website and looked up the figures they've been using over the past few years. There's a drop-down menu there and it's possible to look at the changes in the median for your state. The new info isn't there yet. It comes from the US Census and is too complicated for me to decipher, but I do know there's variation from state to state. I think it will be posted on October 12th and applies to anyone filing after Nov. 1st

We have upcoming medical bills & that will be the last straw for us but we won't be in real trouble until they come & that's when we'll have to file and that will be after Nov. 1st.

[Freddy03]

Great I hope FL doesn't go down too much. I'm over a little already.

[Dee]

Great I hope FL doesn't go down too much. I'm over a little already.

Ditto, except I'm a lot over (by about $18k annually). Really hoping Fl doesn't take a hit or our atty can get us filed by end of Oct.

[artgood]

I'm only about $2000 under in Indiana. Hoping the median doesn't go down or we are in trouble.

[ssmdem]

You've got to be kidding me!! We've been stringing this out trying to get our income average under the median and planned to file in November. I can't believe after all this waiting, we may STILL end up being over the median!

[ssmdem]

I'm so frustrated I could cry!! For months, we've been waiting to file to be under the median. FINALLY, November 1 is our day -- we're there!! With the new figures, I'm now OVER $1100! Our expenses are still negative, but we (and my attorney) really wanted to be under the median going into this! I'm so frustrated -- by ONE MONTH!!

I missed being eligible for a job I would have gotten recently by ONE MONTH! My husband misses a promotion (they're done by seniority) by ONE PERSON! Now this --- I just for once want to catch a break!!

[artgood]

We may end up over the median in Indiana - but not by much (I hope). IF we wait until November that is. Unless something stupid happens we should be able to file before the end of October.

[debee]

ssm - Let's hope you catch your one big break on the day of your 341 !

[JEM]

You've got to be kidding me!! We've been stringing this out trying to get our income average under the median and planned to file in November. I can't believe after all this waiting, we may STILL end up being over the median!

EXACT position we're in. And now that we're finally right under....it looks like we'll be right over again.

[Lockeout]

Surprised to find that my state's median (AK) actually went UP by 3k. I suppose that should make me feel better about my filing position, but it also means the rest of the state is apparently recoving faster than me.