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Chapter 7 Bankruptcy Petitioners to Face Greater Obstacles in Some States on October 1
New median income figures taking effect on October 1 may exclude some people currently eligible for Chapter 7 bankruptcy. Those filing for Chapter 7 bankruptcy must qualify under the Chapter 7 “means test”, a test that begins by comparing the petitioner’s income to the median income for his state and family size. The median income for at least one family size has declined in 39 states, making it tougher--or even impossible--for some people in those states to qualify for Chapter 7 bankruptcy. While some of these declines have been small, others are dramatic and will have widespread impact. For instance, two-person households filing for Chapter 7 bankruptcy protection in Washington, D.C. will be screened using a number that is more than $10,000 lower than the one currently being applied. A list of affected states and family size categories is available at www.TotalBankruptcy.com. (PRWEB Sep 15, 2006) Trackback URL: http://www.prweb.com/chachingpr.php/VGhpci1QaWdnLVN1bW0tWmV0YS1JbnNlLVplcm8=