Maximum Earnings for Personal Bankruptcies in Massachusetts
According to the 2005 federal bankruptcy law, consumers filing for bankruptcy in Massachusetts need to qualify, based in income. The law makes it more difficult to file for personal bankruptcy in Massachusetts. Massachusetts debtors may qualify by having an income below medium family income which set the bankruptcy guidelines, which are as follows: for a one-person household, $54,161; for a two-person household, a family income of $67,142; a three person family, $82,385; and a four person household, $100,482.
If you don’t qualify under the Massachusetts medium income, you can complete the bankruptcy means test. This means test form requires details about your expenses and allows for some unusually large expenses, including regional extras such as heating fuel costs. The specific means test deductions include such things as health insurance and care for family members. This test is complicated and we recommend retaining a Massachusetts bankruptcy lawyer.
The bankruptcy means test has been the subject of our reviews on a regular basis.