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.

  Tags: Bankruptcy, Means Test

Determining your household size is very important when considering bankruptcy. Your household size is used to look up your state’s median income. 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 cannot file a Chapter 7 bankruptcy and will likely have to file a Chapter 13 bankruptcy.

Most courts adopt the census test for a household, which includes all of the people, related and unrelated, who occupy a house, apartment, group of rooms, or single room that is intended for occupancy as separate living quarters.

Below are the current figures in Wiconsin. For the other states click here.

1 – $42,816
2 – $57,657
3 – $67,103
4 – $77,760

* Add $6,900 for each individual in excess of 4.

Call or email Madison Bankruptcy Attorney Zeshan Usman for a free consultation.

  Tags: Bankruptcy, Means Test