It’s that time of year again. It’s the twice-yearly time when median income figures are announced by the U.S. Trustee’s office. The figures are based on Census Bureau reporting. The figures are important for two main reasons: First, generally speaking, if bankruptcy filers are below median income for their household size, the Bankruptcy Code allows…
The U.S. Trustee Program announced new median income figures effective for those filing bankruptcy on or after November 15, 2013. The figures are as follows: Household of one: $39,301; household of two: $48,891; household of three: $54,010; household of four: $62,490. Okay, there’s nothing terribly noteworthy about these changes but… I confess, I made…
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”…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott South Carolina median income numbers for cases filed on or after November 1, 2012 are now in effect. They are as follows: Household of 1: $38,442 (down from $38,849) Household of 2: $49,523 (up from $49,363) Household of 3: $52,447 (up slightly from $52,428) Household of 4:…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Once we decide a Chapter 13 bankruptcy is in your best interest, the next question you’ll probably ask is, “how much will my Chapter 13 payment be?”
South Carolina median income numbers effective May 1, 2012 are now out. They are as follows: Household of 1: $38,849 Household of 2: $49,363 Household of 3: $52,428 Household of 4: $64,898 For each household member over four, add $7,500. What’s this mean? Income figures are up for all household sizes. This means it’s now…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott South Carolina median income numbers effective November 1, 2011 are now out. They are as follows: Household of 1: $37,660 Household of 2: $47,853 Household of 3: $50,824 Household of 4: $62,912 For each household member over four, add $7,500. What’s this mean? You had to ask.…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Life insurance is an important topic, especially if you’re filing bankruptcy. Your life insurance policies are relevant to your assets, your expenses, and the means test. Life insurance is critically important to your financial health I’ll be up front about my bias. I am a…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott 401(k) loans are treated differently in Chapter 7 bankruptcy than they are in Chapter 13 bankruptcy. And by “401(k) loans” I mean any deferred compensation loans–403(b)s, 457s, and other similar qualified plans. In Chapter 7, 401(k) loans are basically ignored. It’s my practice to show…
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