Filing a St. Louis Chapter 7 When Above Median Income Level
For instance, the federal government will from time-to-time provide median income levels for various sized households. These numbers are based a number of factors, including cost-of-living adjustments. For example, the average (or median) income for a household of three is: $63,566 (as ofAugust 1, 2016). If your household income (minus Social Security income) is below that level, then you most likely qualify for a St. Louis Chapter 7 bankruptcy. But if your household income is above the median, then the government automatically assumes that you should file a St. Louis Chapter 13 bankruptcy.
However, the government’s assumption does not mean that it is absolutely necessary to file a Missouri Chapter 13. In fact, very often a Chapter 13 is filed for someone when in reality they should have been aChapter 7. But this is why it is so very important to retain an attorney with expertise in the specialized area of bankruptcy law. An attorney with experience and knowledge can make use of the statutory formulas created byCongress to reduce (on paper) your disposable monthly income, and get you into aChapter 7. This formula allows for certain deductions and exemptions. Only after these deductions and exemptions are used can a proper determination be made as to whether you qualify for a Missouri Chapter7.
The St. Louis bankruptcy lawyers at The Law Office of Jennifer Alter-Rieken have an expert-level of understanding when it comes to the law of bankruptcy. Our staff is prepared to explain to you in as much detail as you can handle the ins and outs of how the process works. In the end, our goal is to set you on a path towards financial health, and get you the fresh start / clean slate that you deserve.