Does My Income Qualify for Chapter 7?

 

 

“Is My Income Low Enough to Qualify for Chapter 7?”

The majority of us have income low enough to qualify for Chapter 7 bankruptcy.  If your income is below the median income of the average monthly gross income for the six months prior to case filing, then you would probably have income low enough to qualify for Chapter 7 bankruptcy.  If your income is above the median, means test calculations can be performed to decide if you qualify for Chapter 7 bankruptcy. As of September 2011 the household mean incomes for Missouri range is $3,278 per month gross income for a household of one, $4,260 for a household of two, $4,884 for a household of three, $5,819 for a household of four,  and $6,444 per month gross income for a household of five.