Las Vegas Consumer Bankruptcy

If you're thinking about filing for bankruptcy, it is crucial that you read this. 

The "means test," used to determine who can file for Chapter 7 bankruptcy, is changing on October 31, 2009.  This test requires your family's income to be the same or lower than the median income for a family the same size as yours living in Nevada.    

Here are the changes to the means test:

                                          Previous Median Income                    New Median Income
Household size of 1:                  $48,194                                                $46,316
Household size of 2:                  $60,557                                                $60,449
Household size of 3:                  $65,783                                                $67,052
Household size of 4:                  $74,735                                                $71,104

How are you affected by these changes?  Are you living alone?  Then your income will need to be lower than it previously did in order to qualify for Chapter 7 bankruptcy.  Same if you live with your spouse and have two kids - and keep in mind that your spouse's salary is included in this equation.

Come November 1, once these changes have taken effect, you may not be able to file for Chapter 7 bankruptcy anymore.  If you are considering a bankruptcy filing, it is important that you contact an experienced bankruptcy attorney as soon as possible. 

Call us at 1-800-LAWYERS to set up a free initial consultation with one of our bankruptcy experts.  We can tell you how these changes will affect you.  We can also tell you about how you'll still have an opportunity to demonstrate that that you should qualify for a Chapter 7 bankruptcy, even if your income is higher than the median income.