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 South Carolina bankruptcy filers will now have to face the reality of lower median income figures starting November 1. “Median” means the 50th percentile–that is, half people in that group are above that point and half below. The Bankruptcy Code’s means test is a key component…
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…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott If you need to file bankruptcy, you must first determine whether you are above median income for the state in which your live. Unless your debts are primarily business debts, this determines whether or not you must complete the means test portion of the bankruptcy schedules…
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