Median Income in the State of Texas
In order to determine your eligibility for a Chapter 7 Bankruptcy, you will need to pass the "Means Test," which compares your income to the median income of the same household size in your state. The same information is also used in a Chapter 13 Bankruptcy to help determine your monthly disposable income to calculate your monthly plan payments. The median income is published by the Census Bureau and is adjusted each year.
As of the most recent update, the following figures apply to Bankruptcy cases filed in Texas as of April 1, 2018:
- Family of 1: $47,238
- Family of 2: $63,148
- Family of 3: $69,294
- Family of 4: $78,572
- For families greater than 4 people, add $8,400 for each additional family member
The median income figures are periodically adjusted. You can find the current figures applicable to Bankruptcy cases by visiting the United States Department of Justice website.
Contact us today if you have questions about the Means Test or your eligibility for a Chapter 7 Bankruptcy.