May 2012 Median Income Levels

Good news for those hoping to qualify for Chapter 7 Bankruptcy.  The median income levels are due up for their semi-annual adjustment on May 1, 2012.  For Wisconsin, the numbers are increasing by approximately $2-3k.  What does this mean for you?  On the Means Test, you are presumed to qualify for Chapter 7 if your income is below the median income level based on the state of your residence and household size.  For example, a family of three making $50,000 per year would be below median, and a family of three making $80,000 per year would be above median.  Of course, there are other factors that determine whether you qualify or ought to file for either Chapter 7 or Chapter 13.  Call us today at (920) 490-6160 for a free consultation.
Current Median Income Levels for Wisconsin:
Household of 1: $41,880
Household of 2: $55,671
Household of 3: $64,724
Household of 4: $76,117
Add $7,500 for each additional individual.
Median Income Levels for Wisconsin effective May 1, 2012:
Household of 1: $43,202
Household of 2: $57,428
Household of 3: $66,767
Household of 4: $78,520
Add $7,500 for each additional individual.