Wisconsin Median Income Guidelines 3/15/11
Effective March 15, 2011 the median income in Wisconsin will increase.
Current Figures
Household of 1: $40,486
Household of 2: $55,175
Household of 3: $65,187
Household of 4: $76,188
Add $7,500 for each individual in excess of 4.
Effective March 15, 2011
Household of 1: $41,150
Household of 2: $56,080
Household of 3: $66,256
Household of 4: $77,438
Add $7,500 for each individual in excess of 4.
If you are below the median income you automatically qualify for a Chapter 7 bankruptcy and do not have to take the means test. If you are above the median income and do not pass the means test you may not be able to file a Chapter 7 bankruptcy and will likely have to file a Chapter 13 bankruptcy.
If you have questions about the median income and your household size call or email for a free consultation.
What Happens to a Cosigner in Bankruptcy?
If you cosigned a loan for someone else and they file a successful bankruptcy you will be liable for the debt.
If someone cosigned a loan for you and you file a successful bankruptcy they will be liable for the debt. If they are a friend or family member you may not want that to happen. It is very important to let your bankruptcy attorney know so that he can go over your options with you.
Call or email Madison Bankruptcy Attorney Zeshan Usman for a free consultation.
