New Median Income Figures for Las Vegas Nevada Bankruptcy Cases Effective May 1, 2020
If you live in Las Vegas, Nevada and are looking to file bankruptcy, you should be aware of the median income. The median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7 in Las Vegas, Nevada, the your income must typically be below the median income.
As of May 1, 2020, the revised median income figures for Nevada released by the United States Trustee will apply to bankruptcy cases filed after that date under Chapter 7 and Chapter 13. The new figures reflect a slight increase in median income in Nevada for certain family sizes.
Add $9,000 (or $750/month) for each additional person. For additional information on how to calculate your household size or for information regarding how the median income is used in determining whether you qualify for Chapter 7 and/or Chapter 13, please contact the Las Vegas Nevada bankruptcy attorneys at Luh & Associates.