Minneapolis, Minnesota: Changes in Median Income November 2024
Each state has a set amount for the median income, depending on household size. The median income is determined by the size of the household in each state. This includes gross wages and unemployment, household contributions, child support, pensions, etc. Veterans’ disability pay and Social Security income are usually exceptions.
If your household income is above the median amount in your state, you will need to fill out a long-form application to determine if you qualify for a Chapter 7 or a Chapter 13 case. If you have a household size over the median income, you can choose a chapter 7 case or a five-year plan if you are above that amount. If your income is below the median in your state, you can choose between a chapter 13 and 7 plan. You can also choose a three-year or five-year plan. For a household of 1, it is $71,961, a family of 2 is $92,245, a family of 3 is $119.809, and a family of 4 is $140.800. Add $9,900 per person in your household over 4. These amounts are actually a bit less than the previous Minnesota median income that was in place April 1, 2024.
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