Sentences with phrase «median income for one's state»

It takes the size of your family and the median income for your state into consideration.

Once you've calculated your income, compare it to the median income for your state.

To qualify, you must show that you make too little money — less than the median income for your state — or have insufficient disposable income to pay your debts.

To apply the means test, the courts will look at your average income for the 6 months before filing and then compare it to the median income for your state.

On October 17, 2005, new federal bankruptcy law in America requires anyone whose gross income is higher than the median income for their state to file bankruptcy under Chapter 13, instead of under Chapter 7.

Since new federal bankruptcy rules became law in October, 2005, anyone who has gross income higher than the median income for their state is required to file bankruptcy under Chapter 13, instead of under Chapter 7.

If you make less than the median income for your state, you're fine.

If your household income for a family your size is less than the median income for the state, you will generally qualify to file a Chapter 7 bankruptcy.

This is because you must meet one of two requirements to file a Chapter 7 case: (1) you must be below the median income for your state or (2) your disposable income must not exceed certain thresholds.

If you earn less than the median income for your state, you can skip this test altogether.

The first test involves comparing your average income over the prior six (6) month period with the median income for your state.