As of November 1, 2020, the North Carolina median income, for means test calculation purposes, increased. This means that the six-month look back on your income allows for a slightly higher income threshold for your household size than it did previously. This change reflected anywhere from a 1% to 6% increase. It is possible that if you did not previously qualify for Chapter 7 bankruptcy, you may now qualify if your means test numbers were close. Additionally, in Chapter 13 bankruptcy you may be eligible for a 36 month applicable commitment period instead of 60 months.
The North Carolina Census Median Income Effective November 1, 2020 for 6 months (the 6 full months prior to filing) is;
1 Person household: $25,327. (4% increase)
2 Person household: $33,022. (6% increase)
3 Person household: $36,035. (4% increase)
4 Person household: $44,471. (2% increase)
5 Person household: $48,971. (1% increase)
6 Person household: $53,471. (1% increase)
7 Person household: $57,971. (1% increase)
8 Person household: $62,471. (1% increase)
(Each additional person in the household adds $4,500) (+/-0%)
Contact the experienced bankruptcy attorneys at Sasser Law Firm in Cary, NC by chat, phone at (919) 319-7400, or online by filling out a form here if you would like to speak with one of our attorneys about your specific situation.