New updated bankruptcy median family income figures

The United States Trustee’s office has announced the new updated median family income figures for South Carolina. The figures will be promulgated on October 12, 2012 and will go in effect on November 1, 2012. These median income figures are used on the bankruptcy “means test” to help determine who qualifies for Chapter 7 bankruptcy. It also is used in the Chapter 13 bankruptcy context to help determine if a debtor has to pay an increased amount of their unsecured creditors in the Chapter 13 Plan. Attached is a link


- Stone Law Firm