The Census Bureau has published updated median family income. Individuals who earn more than the median income are required to take a "Means Test" to determine if they qualify for Chapter 7. The below table lists the median income by family size:
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FAMILY SIZE
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STATE
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1 EARNER
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2 PEOPLE
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3 PEOPLE
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4 PEOPLE *
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New Jersey
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$61,146
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$69,697
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$85,016
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$103,786
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New York
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$47,790
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$59,308
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$69,052
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$83,209
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* For cases filed on or before March 31, 2013, add $7,500 for each individual in excess of 4.
For cases filed on or after April 1, 2013, add $8,100 for each individual in excess of 4.
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If you would like help from a New Jersey consumer bankruptcy attorney, contact us for a free bankruptcy consultation today.