November 15, 2016
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.
New Jersey has the highest median income in all 50 states.
- 1 earner = $62,149
- Family Size: *
- 2 = $74,367
- 3 = $92,489
- 4 = $113,455
Add $8,400 for each individual in excess of 4.
Median income is an important factor that your Bankruptcy attorney will use to work with you in determining not only the type of bankruptcy but also your eligibility.