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

If you are above median income in your state (meaning ineligible for Chapter 7), it is easier to walk from your mortgage than your credit card debt.
In the Empire State, the annual cost of placing your infant and 4 - year - old in a care center is $ 25,844, accounting for more than 12 percent of median income in the state, according to Child Care Aware.
Note: gazillion is a technical term, which in this case means something less than a million and more than the average median income in my state.
To qualify for Chapter 7 bankruptcy, you must pass a means test that shows your current monthly income (as defined in chapter 7 of title 11 of the United States Code) is lower than the median income in your state.
This means test first checks to see if your current monthly income (as defined in chapter 7 of title 11 of the United States Code) is below the median income in your state.
Several Southern states where the median home listing price and mortgage payment are relatively low fall into the mid-range of hours of work needed because the median income in those states is low.
You must measure your current monthly income against the median income in your state for a family of your size.
Generally, if your household income is below the median income in your state for your household size, you qualify.
Before you can file Chapter 7 bankruptcy, you must pass a means test proving your current monthly income (as defined in chapter 7 of title 11 of the United States Code) is below the median income in your state.
If your current monthly income (as defined in chapter 7 of title 11 of the United States Code) is higher than the median income in your state, then you won't qualify for Chapter 7 bankruptcy.
To qualify for Chapter 7 bankruptcy, first your current monthly income (as defined in chapter 7 of title 11 of the United States Code) must be below the median income in your state.
As a result, those earning more than the median income in their state must pass the means test in order to qualify for Chapter 7 bankruptcy.
To file Chapter 7 Bankruptcy a debtor's income must be less than the median income in their state.
If your income in the preceding 6 months was lower than the median income in your state, you're eligible for Chapter 7.
Eligibility for Chapter 7 depends on your «ability to pay,» which is based on your income in the preceding 6 months and the median income in your state.
If your income exceeds the median income in your state, you could try to pass a «means test» in which a court trustee examines your income and «reasonable» expenses to determine whether you could pay these bills, or really do need the relief Chapter 7 bankruptcy provides.
Take a look at the median income in your state here... «Chapter 7 Bankruptcy — Income Eligibility Chart.»
Each state is different, and Chapter 7 bankruptcies are based on the median income in your state, these are not national guidelines.
However; to qualify for Chapter 7 bankruptcy you must make below the median income in your state.
First Step: Compare your income to the median income in your state.
The Chapter 7 means test, a requirement for Chapter 7 filers, uses compares the filer's income to the median income in their state.
The means test first compares your income to the median income in your state.
However, if your income is greater than the median income in your state, other calculations regarding your income and allowable expenses are required to determine whether or not you can file for Chapter 7 bankruptcy.
If your income is lower than the median income in your state, you can file for Chapter 7 bankruptcy.
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