Monday, December 23, 2013

Current Oregon Median Income for Bankruptcy Means Test

The US Trustee announced that the median income in Oregon for purposes of the means test increased for most brackets, effective November 15, 2013. The means test is the standard that must be met to qualify for a Chapter 7 bankruptcy, or dictates the length, and in some case monthly plan payment, of a Chapter 13 plan.

Here you can see the difference:

New figures
OREGON
Family of One
$44,779
Family of Two
$55,568
Family of Three
$60,693
Family of Four
$70,812


Old Figures
OREGON
Family of One
$43,160
Family of Two
$55,057
Family of Three
$62,202
Family of Four
$67,315

            What this means for Oregonians looking to obtain bankruptcy relief is that it is now a little easier to meet the standards of the means test. With the economy is starting to improve, the median income of average Oregonians rises. Even though the economy is starting to improve, and more Oregonians are returning to work, the effects of the economic downturn are still being felt in a dramatic way by many.


            The median income levels, for purposes of the means test, are just the starting point to determine whether debtors qualify for a Chapter 7 bankruptcy, or what the requirements of the Chapter 13 plan will be. If you previously thought that you make too much money to obtain relief in bankruptcy, call us at 503-352-3690 and we can discuss your debt relief options. Bankruptcy may still be a viable option. Or visit us online.