Do I Make Too Much to File for Chapter 7 Bankruptcy?
Dec 20, 2017
You are struggling to make ends meet and are trying to figure out what options are available for you to get rid of your debts. You figure bankruptcy is not an option for you because you make a decent wage. It is a common misconception, that in order to file for Chapter 7 Bankruptcy, you need to be broke. That is not the case.
The amount of money you can make and still file a Chapter 7 Bankruptcy is determined by U.S. Census Bureau Data. The Department of Justice, United States Trustee’s website posts these figures after the U.S. Census Bureau comes up with the new yearly numbers. These figures are updated regularly.
Effective November 1, 2017 the Wisconsin Census Median Income
Below is the amount of income you can make and still qualify for a Chapter 7 Bankruptcy in Wisconsin
Family of 1: $48,521.00
Family of 2: $63,739.00
Family of 3: $76,378.00
Family of 4: $93,500.00
Family of 5: $101,900.00
Family of 6: $110,300.00
Family of 7: $118,700.00
Family of 8: $127,100.00
Please note, that the bankruptcy court determines your yearly income by taking the last 6 months of your income and doubling it.
Also, if your income is above these figures, you may still be able to file for Chapter 7 Bankruptcy; it just becomes more complex. You may be able to deduct child support, medical expenses, actual taxes, charity contributions, life insurance policies, car payments and certain other debts the court finds reasonable.
If you are not able to file for a Chapter 7 Bankruptcy, you can still get the relief by filing a Chapter 13 Bankruptcy.
Bankruptcy law can be complicated and it is crucial to meet and discuss your options with an experienced bankruptcy attorney. Pedersen Law Office, LLC offers free consults in all of our areas of practice and will meet with you personally to discuss your specific circumstances and see what options are available for you. Our law office serves the communities of Appleton, Neenah, Menasha, Oshkosh, Green Bay and their surrounding areas.