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A chart of the most recent applicable median incomes by state can be found at the US Trustee's website. [3] This code section then requires a comparison between the debtor's "current monthly income" and the median income for the debtor's state. If the debtor's income exceeds the median income, then the debtor must apply the means test.
This is a list of U.S. states, territories, and Washington, D.C. by income. Data is given according to the 2023 American Community Survey (ACS) 1-Year Estimates, except for the American Samoa , Guam , the Northern Mariana Islands and the U.S. Virgin Islands , for which the data comes from 2010, as ACS does not operate in these areas.
The first table contains a list of U.S. states and territories by annual median income. The second table contains a list of U.S. states and territories by annual mean wage. Information from an unknown source; Average wage in the United States was $69,392 in 2020. [1] Median income per person in the U.S. was $42,800 in 2019. [2]
Texas also has a lower median household income compared to the national median. In Texas, the median household income between 2017 and 2021 was $67,321, and $74,580 nationwide in 2022.
The amendments effectively subject most debtors who make an income, as calculated by the Code, above the median income of the debtor's state to an income-based test. [8] This is referred to as the "means test". The means test provides for a finding of abuse if the debtor's income is higher than a specified portion of their debts.
Bankruptcy is designed to be a last resort when you have exhausted all other options. It stays on your credit report for years, making it difficult to reestablish your creditworthiness and access ...