The Means Test numbers for folks considering Chapter 7 bankruptcy in Kentucky have gone up effective March 15th, 2011. This means that it could be possibly somewhat easier to qualify for Chapter 7 bankruptcy. Even if the household income falls below these figures, it may still not be possible to file Chapter 7 bankruptcy.
The new median income figures used for the Means Test, for Kentucky households are:
- $37,606 (1 person household)
- $45,081 (2 person household)
- $51,883 (3 person household)
- $63,768 (4 person household)
*Add $7,500 for each individual in the household over 4.
Source: US Trustee Program Website
The figures went up by approximately $1000 per household size. If the household income exceeds these figures, it is still possible to file Chapter 7 bankruptcy, but a calculation would need to be done using deductions allowed under the bankruptcy code.
Determining eligibility for bankruptcy is a complex, time-consuming process. It is very important to seek the services of a qualified, experienced bankruptcy attorney when considering bankruptcy as an option.