Monday, October 24, 2011

Revised Median Income Figures Effective Nov. 1, 2011 - Oregon

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

Household of 1: $42,877
Household of 2: $52,316
Household of 3: $57,429
Household of 4: $66,616
Household of 5: $74,166
Household of 6: $81,616
Household of 7: $89,116
Household of 8: $96,616
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