What is the median income threshold/ceiling for filing bankruptcy in CA? Is it set by state or even more locally? If so, Orange County, CA. Thank you!
3 Answers from Attorneys
Median income is set by the federal government (IRS) and is by state and size of family. You can find the information on the US Bankruptcy Court website.
Median income is based on family size, but it is not the determining factor in whether or not you can file bankruptcy. Your income and allowable deductions play a part in determining whether or not you should be in a Chapter 7 liquidation or in a Chapter 13 partial repayment plan under the means test.
Your best bet is to consult a local bankruptcy attorney for further assistance..
The median income is based on census bureau statistics that pick up what the average household income is by state. On our website you can find a tool that will show you what the median income is for your household size. http://www.absolutebankruptcy.org
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