NC Bankruptcy Means Test (Median Income) Increase as of Nov 1, 2020
As of November 1, 2020, the North Carolina median income, for means test calculation purposes, increased. This means that the six-month look back on your income allows for a slightly higher income threshold for your household size than it did previously. This change reflected anywhere from a 1% to 6% increase. It is possible that if you did not previously qualify for Chapter 7 bankruptcy, you may now qualify if your means test numbers were close. Additionally, in Chapter 13 bankruptcy you may be eligible for a 36 month applicable commitment period instead of 60 months.
The North Carolina Census Median Income Effective November 1, 2020 for 6 months (the 6 full months prior to filing) is;
1 Person household: $25,327. (4% increase)
2 Person household: $33,022. (6% increase)
3 Person household: $36,035. (4% increase)
4 Person household: $44,471. (2% increase)
5 Person household: $48,971. (1% increase)
6 Person household: $53,471. (1% increase)
7 Person household: $57,971. (1% increase)
8 Person household: $62,471. (1% increase)
(Each additional person in the household adds $4,500) (+/-0%)
Contact the experienced bankruptcy attorneys at Sasser Law Firm in Cary, NC by chat, phone at (919) 319-7400, or online by filling out a form here if you would like to speak with one of our attorneys about your specific situation.
For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.