Monday, June 24, 2013

Median Household Income figures in Oregon

Currently the annual gross median income figures for the State of Oregon are:

Household of 1: $43,160
Household of 2: $55,057
Household of 3: $62,202
Household of 4: $67,315
Household of 5: $75,415
Household of 6: $83,515
Household of 7: $91,615
Household of 8: $99,715
If household greater than 8, add $8,100 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