It’s official! The median income has actually gone up here in
California. As of May 1, 2012, the median income for a one-
person household is $49,188.00, up from $48,814.00. For a
comprehensive table reflecting median income figures for all 50
states as of May 1, 2012 visit the U.S. Department of Justice
website by clicking here. Why does this matter? Because median
income figures are used to determine a person’s eligibility to
file for Chapter 7 Bankruptcy relief, and are also used to
determine several other factors including the duration of a
Chapter 13 Bankruptcy plan. So, when median income figures rise,
it becomes that much easier for people whose income is “on the
fence” to qualify for Chapter 7 Bankruptcy relief. Simply put,
if you make too much money you may not be eligible to file for
Chapter 7 Bankruptcy. Congress decided in 2005 under the Fair
Debt Collection and Consumer Protection Act that people whose
income exceeds a certain amount should not be able to discharge
their debts in Chapter 7 Bankrup