As of November 1, 2012, the United States Census Borough has released updated and new median income statistics
for each state separated by number of family members. This is important to note because if you are considering a debt relief strategy of filing for bankruptcy, in order to qualify for the highly desirable chapter 7 case, where you receive a discharge of unsecured debt without the need to make a payment plan back to your creditors, your household income must fall below the median income for your state and family size. This is called the Means Test. In Massachusetts to qualify your income must be below the following:
- Single person: $54,475
- Family of two: $66,076
- Family of Three: $80,822
- Family of Four: $101,523
- Family of Five: $109,023
If you have questions about your income level, and what qualifies as income for the purposes of a bankruptcy, please feel free to call our office at (617) 742-4491.