Chapter 7 presumption thresholds


M

Mark T.B. Carroll

For the median income stuff by state, how do they determine residency so
they know which state's median income to apply? Is it just where you
live now, or do you have to have lived in that state for 91 days or 2
years or something?

Also: I assume family size includes kids?

Mark
 
S

sttriker

For the median income stuff by state, how do they determine residency so
they know which state's median income to apply? Is it just where you
live now, or do you have to have lived in that state for 91 days or 2
years or something?

Also: I assume family size includes kids?

Mark
Hey Mark-

This is the "Rule of Thumb" when it comes to income. Keep in mind they
only use the last six months to use the income. I hopes this helps
you!

Warmest Regards,

Tony Cramer

State Single-Earner 2-Person 3-Person *4-Person
* Add $6,900 for each individual in excess of 4.
Alabama $36,870 $46,647 $53,093 $63,951
Alaska $49,325 $71,550 $72,079 $91,754
Arizona $43,397 $57,620 $62,002 $71,867
Arkansas $33,623 $45,435 $48,909 $56,822
California $49,182 $65,097 $70,684 $79,971
Colorado $46,765 $65,668 $70,838 $78,905
Connecticut $57,505 $70,827 $85,315 $103,408
Delaware $46,187 $60,747 $77,174 $79,006
District Of Columbia $42,340 $72,724 $72,724 $72,724
Florida $42,468 $53,939 $60,162 $71,124
Georgia $40,760 $54,054 $61,959 $71,554
Hawaii $52,784 $66,227 $73,187 $88,863
Idaho $40,910 $51,946 $54,633 $66,939
Illinois $47,355 $60,049 $68,730 $81,184
Indiana $41,697 $53,169 $61,164 $70,518
Iowa $41,381 $54,628 $63,888 $74,047
Kansas $41,004 $56,146 $63,245 $74,626
Kentucky $36,628 $45,474 $55,391 $65,520
Louisiana $36,945 $46,741 $52,628 $66,634
Maine $40,618 $52,065 $64,342 $69,714
Maryland $55,543 $73,947 $84,952 $103,719
Massachusetts $54,842 $66,437 $83,104 $100,280
Michigan $44,703 $53,575 $63,339 $76,312
Minnesota $47,592 $62,073 $75,603 $87,634
Mississippi $32,348 $41,934 $46,470 $55,759
Missouri $39,563 $51,612 $58,473 $70,363
Montana $39,484 $52,796 $52,796 $65,175
Nebraska $37,803 $53,453 $62,814 $72,179
Nevada $48,194 $60,557 $65,783 $74,735
New Hampshire $55,766 $65,751 $77,008 $93,186
New Jersey $57,120 $69,853 $85,397 $103,034
New Mexico $35,913 $48,708 $53,018 $56,009
New York $46,523 $57,006 $67,991 $83,036
North Carolina $38,478 $52,355 $57,301 $70,134
North Dakota $38,226 $53,389 $67,644 $71,751
Ohio $42,458 $52,922 $62,251 $74,234
Oklahoma $38,244 $51,322 $54,494 $62,049
Oregon $45,176 $56,317 $61,046 $72,735
Pennsylvania $44,688 $53,011 $67,262 $78,780
Rhode Island $46,466 $59,314 $72,809 $91,415
South Carolina $38,728 $50,823 $54,834 $65,974
South Dakota $35,533 $51,068 $58,135 $69,002
Tennessee $37,702 $48,729 $55,190 $64,615
Texas $38,545 $54,908 $57,053 $66,400
Utah $48,832 $56,816 $63,796 $71,919
Vermont $40,876 $58,480 $64,312 $75,938
Virginia $49,689 $65,342 $73,191 $85,769
Washington $50,656 $63,521 $69,577 $82,445
West Virginia $38,706 $42,865 $50,997 $59,762
Wisconsin $42,816 $57,657 $67,103 $77,760
Wyoming $46,265 $60,442 $68,568 $80,405
 
Ad

Advertisements

M

Mark T.B. Carroll

sttriker said:
(snip)
This is the "Rule of Thumb" when it comes to income. Keep in mind they
only use the last six months to use the income. I hopes this helps
you!
Thanks! I did know about that table. My question is how they determine
which state and family size apply so you know which table cell to look
at. Is it just, which state you live in at the moment you file
bankruptcy, and you just add adults and kids together to get family
size, or is there more to it?

I ask because, for instance, for figuring which state's exemptions
apply, there's more to it than just which state you live in at the
moment.

Mark
 
B

BetaB4

Mark said:
I did know about that table. My question is how they determine
which state and family size apply so you know which table cell to look
at. Is it just, which state you live in at the moment you file
bankruptcy, and you just add adults and kids together to get family
size, or is there more to it?
I just did a Google search for -----> bankruptcy residency rules

Here's one of the websites that came up and an excerpt from that website:



http://www.doney.net/timeline.htm



Minimum state residency requirement:

The debtor must have resided in the state where the bankruptcy is filed for
the 90 days preceding the filing. If the debtor has not resided in the
state that long, the debtor must file in the state where he or she has
resided, or has had his or her principal place of business or which has been
the location of his or her principal assets for the majority of the last 180
days. [28 USC §1408]
 
M

Mark T.B. Carroll

BetaB4 said:
Mark said:
I did know about that table. My question is how they determine
which state and family size apply so you know which table cell to look
at. Is it just, which state you live in at the moment you file
bankruptcy, and you just add adults and kids together to get family
size, or is there more to it?
I just did a Google search for -----> bankruptcy residency rules

Here's one of the websites that came up and an excerpt from that website:

http://www.doney.net/timeline.htm

Minimum state residency requirement:

The debtor must have resided in the state where the bankruptcy is filed for
the 90 days preceding the filing. If the debtor has not resided in the
state that long, the debtor must file in the state where he or she has
resided, or has had his or her principal place of business or which has been
the location of his or her principal assets for the majority of the last 180
days. [28 USC §1408]
Oh, sure, yes - but the state you file in can be different to, for
instance, which state's exemptions apply, so it doesn't seem safe to
assume that the state you use for chapter 7 income thresholds is always
the same as the state you file in, especially given that that may not be
your current residence.

Though at least I'm getting the impression that there isn't an easy
well-known answer to this one! Alas, form 22A just mentions the
`applicable state', with no further elaboration.

Mark
 
B

BetaB4

Mark said:
Oh, sure, yes - but the state you file in can be different to, for
instance, which state's exemptions apply, so it doesn't seem safe to
assume that the state you use for chapter 7 income thresholds is
always the same as the state you file in, especially given that that
may not be your current residence.
I don't know for sure, but I think that there is only one state where you
legally must file depending on your specific circumstances (time of
residency, etc.). And, I think that the state that you must legally file in
is the state that is applicable in terms of exemptions, etc.

I think the reason for the law is to prevent people from just moving to a
state with better exemption options, and then filing and using those
exemptions.
 
M

Mark T.B. Carroll

BetaB4 said:
I don't know for sure, but I think that there is only one state where you
legally must file depending on your specific circumstances (time of
residency, etc.). And, I think that the state that you must legally file in
is the state that is applicable in terms of exemptions, etc.
No - where one files depends on where one's lived for the past couple of
years, in the manner you previously quoted, but the state whose
exemptions one can claim has more to do with where one lived two to four
years before one filed. (With the states that want one still to be
living there to use their exemptions, if one no longer does I think
one's stuck with the Federal exemptions instead?) So this difference is
what makes me wonder what rules apply for figuring out the applicable
state for median income, given that different rules apply for different
things.
I think the reason for the law is to prevent people from just moving to a
state with better exemption options, and then filing and using those
exemptions.
Yes, absolutely. (Some of this comes about because of the 2005 act.)

Mark
 
Ad

Advertisements

M

Mark T.B. Carroll

Mark T.B. Carroll said:
but the state whose exemptions one can claim has more to do with where
one lived two to four years before one filed
Actually, it might be two to two-and-a-half. Something like that anyway.

Mark
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top