Bankruptcy and Household Size and Income

When filing a bankruptcy, your household size is important. The number of individuals living in your household can have an impact on what type of bankruptcy for which you qualify. One of the determining factors for whether an individual will qualify for a Chapter 7 or a Chapter 13 is your household income. If your household income is over a certain amount for your household size, you may not qualify for a Chapter 7.

The median income for your state is determined by household size. For example in Minnesota the median income for a household size of one is $48,876, but for two people it is $64,454. Making sure everyone in your household is accounted for is essential in your bankruptcy case. It is very important to let your attorney know about all individuals who are residing in your home. For example, you will want to let your attorney know if an elderly parent lives with you. Also you should inform your attorney about any children who are college students who live with you for at least the summer months. Making sure your attorney has the right information can have a great impact on how your case proceeds.

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

Additional Related Articles

Legal Blog Expert