Current Median Income - Oregon
The current median income numbers are $64,975 for a household of 1, $77,773 for a household of 2, $93,773 for a household of 3 and $106,554 for a household of four. Add $9,900 for every individual in the household over four. The median income test is a gateway to Chapter 7 -- if you are over median income it's presumed that you must be redirected to file a Chapter 13. However, the test is also used in Chapter 13 to determine whether you must commit to a 5 year plan (as opposed to a 3 year plan) and it decides whether you use the IRS living standards expenses or your own expenses when formulating a Chapter 13 plan. There are workarounds on the median income test. The most commonly employed is "wait to file." Median income is determined in the six full months prior to the month of filing. So, you are looking for a six month period in which your income is less than median. If you have extraordinary health or educational expenses those can change the outcome of the test and if your secured or priority debt would prevent you from paying anything to unsecured creditors (or, less than about $150 a month) then you may qualify for Chapter 7 or be eligible for a three year plan in Chapter 13. The best way to talk about bankruptcy is to talk about your specific case. Call or text (458)201-5745 for an absolutely free, no obligation bankruptcy consultation.