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.
No comments:
Post a Comment