On November 10, 2011, new median income standards for Pennsylvania were released. These figures are important because if the household income, based on family size is lower than the median income, there is no presumption of abuse in a Chapter 7 Bankruptcy. Further, depending on the situation a Petitioner may be eligible for a three year plan in Chapter 13 Bankruptcy. Although the following median income standards are very important there are numerous other factors needed to determine whether an individual or marries couple qualifies for bankruptcy protection, and if so, what Chapter of the Bankruptcy Code would be most beneficial.
Pennsylvania Median Incomes:
One person Household Median Income: $45,092
Two Person Household: $53,091
Three Person Household: $66,487
Four Person Household: $76,682
If there are any general questions or topics you would like to read about relating to bankruptcy law in the Eastern Pennsylvania region, you may contact the Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008 or 610-432-3111 or email [email protected]. Thank you.