Monday, April 21, 2014

Median Income Levels for Oregon Bankruptcy Filers

NEW MEDIAN INCOME LEVELS
The US Trustee has announced new median income levels for purposes of the means test in Oregon. To qualify for Chapter 7 filing eligibility a debtor, or debtors, must have below median income. Also, having below median income in Chapter 13 can determine the required length of a Chapter 13 plan and plan payment. So, changes to the median income levels have a significant impact on all people looking to obtain bankruptcy relief.
While it may not feel like it for many people, the economy has been improving over the past year. The median income levels for bankruptcy purposes are affected by changes in the economy, as can be seen below.
April 2013 Median Income Levels
OREGON
Family of One
$43,160
Family of Two
$55,057
Family of Three
$62,202
Family of Four
$67,315
April 2014 Median Income Levels.
OREGON
Family of One
$45,435
Family of Two
$56,382
Family of Three
$61,582
Family of Four
$71,849

Increased median income levels mean that improved economic conditions will not prevent people from being able to file bankruptcy, in fact quite the opposite. Even if a person’s/family’s income exceeds these figures, people may still qualify for Chapter 7 or a shorter Chapter 13 plan. Bankruptcy relief is still a viable option for those people with income that is above median. If the economy seems like it is improving for everyone but you due to insurmountable debt, call us today to discuss your debt relief options at 503-352-3690.day to discuss your debt relief options at 503-352-3690.