Challenges Ahead! Filing Chapter 7 Bankruptcy Gets Tough on November 15, 2013.

Bad news for families needing to file bankruptcy in Fresno!  Beginning November 15, 2013, families will need to make almost $500 less per year to qualify to file chapter 7. 
In order to qualify for a Chapter 7 bankruptcy, most families have to pass the "means test".  In very simple terms, the "means test" takes a family's "net" income and measures it against established guidelines.  Those guidelines become tougher beginning November 15, 2013.   
If you are single, the new median family income is $47,798.  It used to be $48,415.  A family of 2 is allowed $62,009.  It was $63,030.  A family of three is $66,618.  It was $67,401.  A family of four is now allowed $75,111.  It used to be $75,656.  If you have a larger family, add $8,100 for each member in excess of 4.  You can view the guideline table at the United States Department of Justice's website:http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm
If you are contemplating filing Chapter 7 bankruptcy and you are close to these means test numbers, it would be wise to file Chapter 7 before November 15, 2013.  
The new "means test" data changes frequently.  These numbers should be good until April 15, 2014.
Photo Credit: http://www.flickr.com/photos/nathanf/