What is the income limit for Chapter 7 in Nevada?
The current median income in the State of Nevada.
In Part 2 of Bankruptcy Form 122A-1 and Part 2 of Bankruptcy Form 122C-1, debtors are directed to fill in the median income for their state and size of household.
In order to determine eligibility for Chapter 7, Nevada uses a “means test.” The means test compares the monthly income of the household of the person filing for bankruptcy with the median household income in Nevada.
If the individual’s income is lower than the median, typically, the individual will be able to file for Chapter 7.
The information about the median income is published by the Census Bureau, and the data is updated each year.
The current median income in the State of Nevada for 1 earner is $54,394/year; $69,804 – for a family of two; $77,536 – for a family of 3; $84,764 – for a family of 4.
For more information, please visit https://www.justice.gov/ust/means-testing/20210515
Nevada Bankruptcy Attorneys at Freedom Law are here to help!
Bankruptcy is often the last but necessary resort. It is a delicate and complex proceeding, and you want someone with plenty of experience to consult you and guide you through the process and help you determine the scope of the discharge.
In many cases, unless a party in interest files a complaint objecting to the discharge, the bankruptcy court may issue a discharge order relatively early in the case – generally, 60 to 90 days after the date first set for the meeting of creditors.
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