How Does Family Size Impact Chapter 7 Bankruptcy in Oklahoma
In order to file Chapter 7 Bankruptcy you must first be able to pass the Means Test, which
measures the Debtor’s income against the Median Family Income Based on
State/Territory and Family Size. The median family income is set by the IRS and the Census Bureau reports and from time to time changes either up or down. Family size is not always as easy as it seems it is determine. Generally your minor children, yourself and your spouse are considered as family members for the purpose of family size. Also, in the case that you have custody of a grandchild or your grown child lives at home with you but does not have any means of income you may include them in your family size and use them when calculating your median family income.. You may also be able to use your child to determine family size in those cases in which you have shared or joint custody of your child with an ex-spouse.
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