Twice a year median income figures are updated. These figures drive the consumer bankruptcy process. If you’re the below median income for your household size, you usually (but not always) qualify for a Chapter 7 bankruptcy. If you’re above median income, your chances of qualifying for a Chapter 7 are less likely. The “means test” must be completed for all bankruptcy filers above median income. Moreover, if you file a Chapter 13, you must file a five-year plan, rather than a three-year plan. Here are the income amounts for South Carolina bankruptcy filers effective April 1, 2013:
One person household: $39,238
Two person household: $50,548
Three person household: $53,532
Four person household: $61,388
$8,100 for each additional household member.
For posts on the means test, see the means test category on the right hand side of this page under “topics.”