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Philadelphia Bankruptcy Attorney Dan Mueller of Harborstone Law Group represents consumers in bankruptcy and debt negotiation matters throughout Philadelphia, Montgomery County, Delaware County, and Bucks County in Pennsylvania.

Pennsylvania Median Income Changes for 2014 – More Debtors Qualify for Bankruptcy

Pennsylvania Median IncomeThe Pennsylvania median income has increased again for most families as of November  1, 2014. Generally, increases in the median income help more debtors qualify for Chapter 7 bankruptcy rather that being forced into Chapter 13.  This increase should also help some debtors avoid the bankruptcy means test entirely. The latest Pennsylvania median income numbers are as follows:

 

Individual Family of 2 Family of 3 Family of 4*
$48,200 $56,946 $71,703 $84,396
*For each additional family member over four, add $8100.   Applies to cases filed on or after November 1, 2014.  Source: U.S. Census Bureau.

 

 

 

 

 

For more information on median Income and the important role it plays in Chapter 7 and Chapter 13 bankruptcy, see our updated Pennsylvania Median Income page.

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