Why the Number of People in Your Household is so Important

According to the federal government, there are certain median income levels for each household size. Currently, the average (or median) income for a household of three is: $63,566.00 (based on August 2016 figures). This means that if your particular household income is below that level, it is possible that you would qualify for a St. Louis Chapter 7 bankruptcy. But if your household income is substantially higher than the above-mentioned level, it is quite possible that you would only qualify for a St. Louis Chapter 13 bankruptcy.

This being the case, it is important to disclose how many people live in your household. This number can make a significant difference in what chapter of St. Louis bankruptcy you may file, or in determining how much of your unsecured debt you must pay back. The St. Louis bankruptcy attorneys at The Bankruptcy Company have been filing Missouri bankruptcies for many years, and have the experience and knowledge necessary to guide you towards the correct type of St. Louis bankruptcy. By keeping your best interests in mind, our staff can help you gain financial freedom, and get you the fresh start / clean slate that you deserve.