The Median Family Income in Ohio amount is very important. It determines whether you qualify to file Chapter 7 Bankruptcy. It also determines the length of your repayment plan in a Chapter 13 Bankruptcy case. The current monthly income test looks at the average gross family income for the six months before you file your case.
Median Family Income
The median income figures change about two or three times each year, once or twice in the spring and once in the late fall. In some cases it is beneficial to wait a month or two to file your case in order to make sure the numbers work. According to the United States Department of Justice the most recent changes went into effect Monday, May 1, 2017 and apply to cases filed on or after May 1, 2017. The income levels depend on the size of your household.
- 1 person household: $46,242
- 2 person household: $57,938
- 3 person household: $68,361
- 4 person household: $83,040
- Add $8,400.00 for each individual in excess of 4
What these numbers mean in practice. If you are living by yourself and make $46,242 or less a Chapter 7 bankruptcy should work. The Bankruptcy Court will also look at your monthly budget to see what disposable monthly income you have available to pay towards your debts. If you file a Chapter 13 bankruptcy case and your one person income is greater than $46,242 then your case will last for 5 years. If you are below the median income amount in a Chapter 13 case your case can last anywhere between 3-5 years; it just depends on the specific facts of your case.