Bankruptcy Lawyer Mark BuckleyLogo
Attorney
MARK BUCKLEY
Bankruptcy & Estate Planning Law

401-467-6800
TAP TO CALL
Free
Free Consultation
Make a Payment
  • Home
  • About
  • RI Bankruptcy
    • Forms
  • Estate Planning
    • Forms
  • FAQ
  • Contact
  • Blog
  • Locations
    • Warwick
    • Providence
  • Forms
  • Free Consultation
We will refund the attorney fee if your case is dismissed without receiving a discharge. More Info...
Mark Buckley Attorney Banner

RI Bankruptcy Law: Median Income Figures Change Again

by Mark Buckley

RI bankruptcy lawyers have new income guidelines to determine who qualifies for Chapter 7 bankruptcy relief.  On November 1, 2012, the US Census figures became effective for all new consumer bankruptcy filings.  Other than for 3-person households, it became slightly more difficult to qualify for Chapter 7 bankruptcy relief for every other household size in Rhode Island.

Below are the median income figures that I use for my Rhode Island clients who need to file for bankruptcy protection:

  • 1 person household $ 45,945 (down from $ 47,798)
  • 2 person household $ 60,538 (down from $ 61,506)
  • 3 person household $ 75,306 (up from $ 68,909)
  • 4 person household $ 82,086 (down from $ 88,990)
  • Add $ 7,500 for each additional household member above a 4 person household

As a reminder, these are gross income figures.  To determine whether you qualify for Chapter 7 bankruptcy relief, we take your trailing 6 months of gross income from all sources (except Social Security and unemployment benefits), multiply it by two and then compare it to the chart above.

While its easier to qualify for a Chapter 7 bankruptcy with gross income lower than the median, in many cases, you may still qualify with income slightly higher than the median.

Bottom line: Its impossible to forecast whether it will become easier or more difficult to file your Chapter 7 case in the future.  Even if you are not ready to file your case now, I can run an analysis on your family’s income to see if your income is presently low enough to qualify for debt relief.

Filed Under: Blog, Means Test, Rhode Island Tagged With: bankruptcy lawyers, CERTIFIED FINANCIAL PLANNER, Chapter 7 bankruptcy, Mark Buckley, Rhode Island bankruptcy, RI bankruptcy lawyer, RI bankruptcy lawyer Mark Buckley, RI means test

About Mark Buckley

Estate Planning, Consumer Bankruptcy, and debt-settlement attorney licensed in RI & MA. I am the only bankruptcy lawyer who is a CERTIFIED FINANCIAL PLANNER professional.

To plan your estate, or resolve debt concerns, call me at (401) 467-6800.

Free Consultation

  • This field is for validation purposes and should be left unchanged.

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

How To File a Chapter 7 Bankruptcy Petition…

How to file for bankruptcy

Debt Collector Calls in Rhode Island…

Collection Agency Calls
30 Bankruptcy Commandments

Bankruptcy Videos

The Bankruptcy Discharge

Bankruptcy Court Hearings

Meeting of Creditors

Filing for Bankruptcy

Limits of Bankruptcy

Types of Bankruptcy

Introduction to Bankruptcy

Bankruptcy Links

Help With Taxes

Help With Judgments

Stop Bad Credit

Stop Tax Garnishments

Stop Foreclosures

Stop Repossession

Stop Lawsuits

Stop Bill Collectors

Latest Bankruptcy Law Blog Posts

Attorney Mark Buckley: Best Bankruptcy Lawyer in Warwick

2022: Top Bankruptcy Lawyers in Providence

Top 3 Bankruptcy Lawyers – Providence, Rhode Island – Attorney Mark Buckley, CFP

PROUD MEMBER OF

Image of the Massachusetts Bar Association logo.
Logo image of the Rhode Island Bar Association
Logo of the National Association of Consumer Bankruptcy Attorneys (NACBA)

Providence Office

1536 Westminster Street
Providence, RI 02909

Warwick Office

511 Green Bush Road
Warwick, RI 02818
  • Home
  • RI Bankruptcy
  • About Mark Buckley
  • FAQ
  • Contact Me
  • Blog
  • Forms
  • Disclaimer
  • Sitemap

Copyright © 2023 · RI-bankruptcy.com