New Median Income Numbers and IRS Charts Starting May 1, 2012

There will be new median income figures beginning May 1, 2012.  The median income for the debtor’s household size determines whether he has to even do the means test in a chapter 7 and determines whether the chapter 13 plan has to be 3 years or 5 years.  Starting May 1, the median income in California is 49,188 for a one person household; 63,481 for two; 68,135 for three; 77,167 for four; and $7,500 for each person after that.  You can find the amounts for all states here.  Also, the new IRS tables are effective May 1, 2012.  They can be found here.

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