Wampler & Souder, LLC
Silver Spring:
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Frederick:
301-668-5111
Upper Marlboro:
301-736-5432

Median Income under the Means Test: Which Chapter is Right for you?

If you are considering filing bankruptcy, it is highly recommended that you speak to an experienced attorney to discuss your options. Before doing so, it is helpful to know what chapter of bankruptcy is right for you and whether you qualify for it. There are multiple types of bankruptcies, each with their own specific processes and benefits, but the most common types for consumers are Chapter 7 and Chapter 13. Chapter 7 Bankruptcy is a liquidation bankruptcy. If all your property is exempt and you do not have a reason to file a Chapter 13 bankruptcy, you may want to file a Chapter 7. Many people file a Chapter 7 and get rid of all their debt.

A Chapter 13 involves repaying some or all debt through a plan. You may have to file a Chapter 13. A bankruptcy attorney will run a "means test" to help you determine your options . If your family income falls under the median income number listed in the table below. It is much more likely that you will be able to file a Chapter 7 Bankruptcy and get rid of debt. If your income is greater than this number, you may have to file a Chapter 13 Bankruptcy. However, in certain circumstances, you may still be able to file a Chapter 7. It is critical for you to seek advice from an experienced bankruptcy attorney so you can be informed as to all your options.

For Maryland Residents

Household Size Median Annual Income* Median Monthly Income*
1 $58,269 $4,856
2 $73,685 $6,140
3 $87,206 $7,267
4 $108,915 $9,076
5 $117,015 $9,751
6 $125,115 $10,426
7 $133,215 $11,101
8 $141,315 $11,776
Each additional +$8,100 +$675

For Virginia Residents

Household Size Median Annual Income* Median Monthly Income*
1 $53,328 $4,444
2 $65,930 $5,494
3 $77,585 $6,465
4 $91,661 $7,638
5 $99,761 $8,313
6 $107,861 $8,988
7 $115,961 $9,663
8 $124,061 $10,338
Each additional +$8,100 +$675

For D.C. Residents

Household Size Median Annual Income* Median Monthly Income*
1 $50,186 $4,182
2 $81,960 $6,830
3 $81,960 $6,830
4 $81,960 $6,830
5 $90,060 $7,505
6 $98,160 $8,180
7 $106,260 $8,855
8 $114,360 $9,530
Each additional +$8,100 +$675

Source: Best Case, LLC

*These amounts were valid on the date of this post. It is recommended that you contact an experienced bankruptcy attorney to find out any changes which may have occurred in the time since this entry was posted.

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Frederick Office
170 West Patrick Street
Frederick, Maryland 21701

Phone: 301-668-5111
Fax: 301-668-2770
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Silver Spring Office
12114B Heritage Park Circle
Silver Spring, Maryland 20906

Phone: 240-833-2284
Fax: 301-942-8296
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Upper Marlboro Office
14452 Old Mill Road
Suite #301
Upper Marlboro, Maryland 20772

Phone: 301-736-5432
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