Bankruptcy Median income figures change again on March 15. Unless your debts are primarily business debts, these figures help the court determine whether or not you must complete the means test portion of the bankruptcy schedules and whether you may qualify for a Chapter 7 bankruptcy, or instead may have to file a Chapter 13 bankruptcy.
The United States Trustee’s Office has published new income statistics based on information from the United States Census Bureau. The income statistics will be applied to all cases filed on or after March 15, 2010.
The new income data for South Carolina are listed below and apply to anyone filing bankruptcy in South Carolina.
Family of One: $39,052
Family of Two: $51,191
Family of Three: $55,099
Family of Four: $65,421
All median income figures went down since the last time median income figures were last adjusted November 1, 2009. This is yet another sign a severe recession. For each family member in the household over four, add $6,900.