{"id":255,"date":"2012-11-28T23:36:00","date_gmt":"2012-11-28T23:36:00","guid":{"rendered":"http:\/\/bankruptcyattorneystl.com\/?p=255"},"modified":"2012-11-28T23:36:00","modified_gmt":"2012-11-28T23:36:00","slug":"median-income","status":"publish","type":"post","link":"http:\/\/bankruptcyattorneystl.com\/?p=255","title":{"rendered":"Median Income"},"content":{"rendered":"

When considering filing bankruptcy, many debtors begin researching on their own what their options might be.\u00a0 To many, this means “google”-ing the word “bankruptcy” and seeing what results come up.\u00a0 By researching options in this way, it is easy to be mislead about which type of bankruptcy you might qualify for.\u00a0 Chapter 7 bankruptcy is the type of bankruptcy that most people are familiar with; this chapter of bankruptcy allows the majority of your debts to be discharged, or wiped out.\u00a0 A Chapter 13 bankruptcy involves a repayment plan over the course of three to five years.\u00a0 Knowing that there is a type of bankruptcy that wipes out all of your debts leads many debtors to want to file a Chapter 7. However, depending on your income, you may not qualify to file a Chapter 7 bankruptcy.<\/p>\n

When determining if you qualify for a Chapter 7 or a Chapter 13 bankruptcy, your attorney will look at if you are above or below median income. \u00a0Each state has different amounts that will state what the median income is. For Missouri, median income is as follows:<\/p>\n

1 Person Household:\u00a0 $40,123 annually<\/p>\n

2 Person Household:\u00a0 $52,200 annually<\/p>\n

3 Person Household:\u00a0 $60,197 annually<\/p>\n

4 Person Household:\u00a0 $69,378 annually<\/p>\n

As you can see, the median income increases with larger household sizes.\u00a0 Your household size can be determined by looking at how many people you can claim as dependent; as a general rule you can count anyone who you can claim on your taxes.\u00a0 You can count yourself, your spouse, and your children if they are 18 and under.\u00a0 If you have a child who is over 18, but still dependent (a college student, for example) you can count him or her as well.\u00a0 Additionally if you have a parent or relative who is financially dependent on you living at your home, you can count that person<\/p>\n

If you are at or below median income, you will qualify for a chapter 7; however, if you are above median income, you may have to do a Chapter 13 bankruptcy.\u00a0 An experienced St. Louis Bankruptcy attorney<\/span><\/a> will have to do what is called a “Mean’s Test” to see if some of your qualified expenses will actually put you under median, allowing you to file a Chapter 7 bankruptcy.<\/p>\n

If you have questions about which type of bankruptcy you will qualify for, contact a St. Louis Bankruptcy attorney today!<\/p>\n","protected":false},"excerpt":{"rendered":"

When considering filing bankruptcy, many debtors begin researching on their own what their options might be.\u00a0 To many, this means “google”-ing the word “bankruptcy” and seeing what results come up.\u00a0 By researching options in this way, it is easy to … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,53,8,10],"tags":[],"class_list":["post-255","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-general","category-chapter-13-bankruptcy","category-chapter-7-bankruptcy","category-means-test"],"yoast_head":"\nMedian Income - St. Louis Bankruptcy Attorneys<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/bankruptcyattorneystl.com\/?p=255\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"St. Louis Bankruptcy Attorney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255\"},\"author\":{\"name\":\"St. Louis Bankruptcy Attorney\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"headline\":\"Median Income\",\"datePublished\":\"2012-11-28T23:36:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255\"},\"wordCount\":384,\"articleSection\":[\"Bankruptcy General\",\"Chapter 13 Bankruptcy\",\"Chapter 7 Bankruptcy\",\"Means Test\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255\",\"name\":\"Median Income - St. Louis Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\"},\"datePublished\":\"2012-11-28T23:36:00+00:00\",\"author\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"breadcrumb\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=255#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Median Income\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\",\"name\":\"St. Louis Bankruptcy Attorneys\",\"description\":\"by A & L, Licker Law Firm with offices in Florissant, St. Louis, Manchester, Granite City, and St. Charles. 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