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 easier to qualify for Chapter 7 bankruptcy and that more Chapter 13 debtors (below median income) will only be required to propose 36-month plans, not 60-month plans. This is a welcome change in the way things have been going for the last couple of years when median incomes consistently fell.