New median income level figures went into effect today.
In the State of Wisconsin, the median income level rose for a household of 1 from $44,817 to $47,804. For a family of 2, it went up from $59,668 to $62,130. For a family of 3, from $69,492 to $75,230. And for a family of 4, from $85,961 to $88,133.
What does this mean for you? Since the median income levels rose across the board, it means people who are hoping to qualify for Chapter 7 will have an easier time qualifying (based on income) now than yesterday. Median income levels change about once every 6 months.
Although I don’t have historical data readily available – my recollection is that these are the highest numbers I’ve seen since I began practicing 10 years ago.