bankruptcy guy time to file

New Utah Median Income Number

As of November 1, 2018, the Census Bureau Utah Median Income by Family Size have been updated — this happens every 6 months. The Median Income Levels for Utah are up.  This is important because the Utah median income number is a determining factor in the type of bankruptcy someone can file.  If your income is above this median level it is presumed that you must file a Chapter 13 bankruptcy.  Sometimes that is a great option but sometimes Chapter 7 bankruptcy can be a better fit given a persons circumstance.  If your income has been close to the Utah median income border in the past — your ability to file for Chapter 7 Bankruptcy v Chapter 13 Bankruptcy might have changed.

The Utah Median Income Levels as of November 1, 2018 are as follows:
1 Person $61,044
2 Person $66,641
3 Person $76,707
4 Person $86,717

Utah Means Test Qualification:
You are presumed to qualify for Chapter 7 Bankruptcy if your household yearly income, as determined by the Means Test, is below the Median Income Level. If this is the case, you my decide if you want to file a Chapter 7 or a Chapter 13. If you are above the Median Income, you may only qualify for a Chapter 13. However, many factors determine which Chapter of Bankruptcy you may qualify for and which course of action is in your best interest.  Most individual debtors filing for bankruptcy relief are required to complete a version of Bankruptcy Form 122. Official Form 122A-1 (Chapter 7 Statement of Your Current Monthly Income), Official Form 122A-1Supp (Statement of Exemption from Presumption of Abuse Under § 707(b)(2)), and Official Form 122A-2 (Chapter 7 Means Test Calculation) (collectively the “122A Forms”) are designed for use in chapter 7 cases. Official Form 122C-1 (Statement of Your Current Monthly Income and Calculation of Commitment Period) and Official Form 122C-2 (Chapter 13 Calculation of Your Disposable Income) (collectively the “122C Forms”) are designed for use in chapter 13 cases.

Filing for bankruptcy and getting your fresh start can benefit you and your family, let our Utah Bankruptcy Attorney explain how. Contact us today for your FREE consultation. #utahbkguy

 

Leave a Comment