The US Trustee Program is updating the median income numbers for cases filed on or after March 15, 2009.
Even though incomes are presently dropping, the numbers produced by the Census Bureau go back far enough that they capture an increase in median income in Arizona.
The new median income levels for bankruptcy filings in Arizona are:
Household Size - Income
- One - $43,397
- Two - $57,620
- Three - $62,002
- Four - $71,867
- Five - $78,767
- Six - $85,667
So what does this mean for you?
Well, in order to file a Chapter 7 bankruptcy, you must either (1) earn below the median income figures shown above or (2) pass the means test.
The median income test and the means test are both compared against your income over the last 6 full calendar months (which is then multiplied by two to make it an annual income number).
With these higher median income numbers, it will now be easier to qualify for a Chapter 7 if that is the best option for you.