Posted on: 25th Apr, 2010 07:46 am
in computing means test eligibility for either chapter 7 or chapter 13 bankruptcy, does the state median income refer to annual gross income or net income?
hi willie,
the state median income is decided by the state. as far as i know, your gross income will be considered while calculating whether or not your income is higher than the state median income for a family of your size. if your average monthly income is less than your state median income, then you would be able to file chapter 7 bankruptcy.
to know the state median income, you can check out the given page:
http://www.census.gov/hhes/www/income/statemedfaminc.html
the state median income is decided by the state. as far as i know, your gross income will be considered while calculating whether or not your income is higher than the state median income for a family of your size. if your average monthly income is less than your state median income, then you would be able to file chapter 7 bankruptcy.
to know the state median income, you can check out the given page:
http://www.census.gov/hhes/www/income/statemedfaminc.html