Wednesday, October 26, 2011

New Median Income Figures - State of Washington

As of November 1, 2011 the annual gross median income figures for the State of Washington are:

Household of 1: $51,671
Household of 2: $61,919
Household of 3: $69,195
Household of 4: $80,404
Household of 5: $87,904
Household of 6: $95,404
Household of 7: $102,904
Household of 8: $110,404
If household greater than 8, add $7,500 per member per year.

The median income is important for bankruptcy purposes because it determines whether a debtor is subject to what is called the "means test". The means test is a formula that tells a debtor whether they are eligible for chapter 7 (despite being above median"), or whether they must file chapter 13 if they choose bankruptcy protection.

For more bankruptcy articles, and to learn about our Oregon and Washington bankruptcy firm visit our website at Pacific Bankruptcy