NEW PENNSYLANIA MEDIAN INCOME FIGURES ANNOUNCED FOR 2014

 

Starting on April 1, 2014, more people and families will be eligible to file for Chapter 7 Bankrputcy without having to pass the means test or look at the Chapter 13 alternative.  This is because the median household income numbers are increasing.  Potential filers compare their gross income to the median income of the same household size.  For example, a single person in Pennsylvania making $35,000 gross income would look at the median income for a single person in Pennsylvania and discover that they are well below the median income number of $47,809.  This means that this potential  filer does not have to take the means test to show the trustee that they do not have disposable income at the end of the month to pay back their creditors. 

 

These two charts compare the median income figures in Pennsylvania for 2013 and 2014.

 

For cases filed between November 15, 2013 and March 31, 2014, the Pennsylvania median income figures are:

Individual   Family of 2   Family of 3   Family of 4

$47,119      $55,872       $70,092        $81,961    

(Note that for each additional family member over 4 you can add $8100.)

 

For cases filed after April 1, 2014, the Pennsylvania median income figures are:

Individual    Family of 2   Family of 3   Family of 4

$47,809      $56,690        $71,119        $83,162

(Note that for each additional family member over 4 you can add $8100.)

 

 


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