Median income affects filing NJ Bankruptcy both Chapters 7 & 13.
First, let’s look at what is Median income?
Median Income is the amount that divides the income distribution into two equal groups:
- Half having income above that amount
- Half having income below that amount.
Next, let’s look at where New Jersey median income ranks among other states. There is an important relationship between median income and filing bankruptcy in New Jersey.
New Jersey has the highest median income in all 50 states.
- 1 earner = $71,064
- Family Size: *
- 2 = $87,432
- 3 = $111,046
- 4 = $132,708
*Add $9,000 for each individual in excess of 4.
Median income is an important factor in filing either Chapter 7 or Chapter 13 NJ Bankruptcy. I can work with you in analyzing and determining not only the type of NJ bankruptcy but also your income eligibility. https://njbankruptcylawfirms.com/timing-of-your-bankruptcy-during-the-pandemic/
If you would like to see the complete chart, go to: https://www.justice.gov/ust/eo/bapcpa/20201101/bci_data/median_income_table.htm