You are searching about *What Does Median Mean In Math*, today we will share with you article about What Does Median Mean In Math was compiled and edited by our team from many sources on the internet. Hope this article on the topic **What Does Median Mean In Math** is useful to you.

## Chapter 7 Harder to File in Michigan After November 1, 2010

The United States Trustee released “means test” numbers as of November 1, 2010. The “means test” began in 2005 when bankruptcy law changed. It starts with median income levels for family sizes. It uses Census Bureau information and IRS data. This is an attempt to create a mathematical formula to determine whether a bankrupt filer is either a candidate for Chapter 7 or Chapter 13. Based on these numbers, the means test just got meaner.

Family size Median income until October 31 Median income after November 1 Change

Household of 1: $41,875

Household of 2 people: $49,919

Household of 3 people: $59,190

Household of 4 people: $70,600

For families of 5 or more, add $7,500 for each additional person.

I suspect the lower income levels are due to the recession and reduced family incomes here in Michigan. Those most affected would likely be a married couple with no children. If a husband and wife both earn $12.50 an hour and work full time, they would exceed the median income.

All is not lost however, filers who fail to fall below the median income level must complete the second part of the means test which examines the debtors’ budget using a formula developed by the Congress. As you can guess, it is most often detached from reality and does not always take into account your particular situation. We are very familiar with the resource test and, assuming you want to file a Chapter 7, we can ensure that it is completed correctly to maximize your chances of filing a 7.

If you are considering filing for Chapter 7 bankruptcy and you are close to reaching your median household income, you should consider filing before October 31, 2010. That doesn’t give you much time. . You need to gather lots of financial documents, complete your credit counseling, and give your lawyer plenty of time to prepare a well-drafted petition.

To learn more about bankruptcy, please take the time to visit my website at: Downline Bankruptcy.

## Video about What Does Median Mean In Math

You can see more content about **What Does Median Mean In Math** on our youtube channel: Click Here

## Question about What Does Median Mean In Math

If you have any questions about **What Does Median Mean In Math**, please let us know, all your questions or suggestions will help us improve in the following articles!

The article **What Does Median Mean In Math** was compiled by me and my team from many sources. If you find the article What Does Median Mean In Math helpful to you, please support the team Like or Share!

## Rate Articles What Does Median Mean In Math

**Rate:** 4-5 stars

**Ratings:** 2861

**Views:** 33343564

## Search keywords What Does Median Mean In Math

What Does Median Mean In Math

way What Does Median Mean In Math

tutorial What Does Median Mean In Math

What Does Median Mean In Math free

#Chapter #Harder #File #Michigan #November

Source: https://ezinearticles.com/?Chapter-7-Harder-to-File-in-Michigan-After-November-1,-2010&id=5538404