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 and the income guidelines are changed based on
the IRS and the Census Bureau reports from time to time as required. Meanwhile, in this day and age, it may be
considered a norm when you have households that shares custody of their
children, whether it may be a 100% joint custody plan or a 60/40 split,
etc. In such instances, when one parent decides to file bankruptcy a question arises.
Can I claim my child as a member of my household to increase my income
level for the purpose of passing the means test? Fortunately since the family size is reviewed
at a “Heads on Beds” basis, where they look at how many people are living in
the household, a Debtor who has a joint custody of the child will be able to
add the child as a member of his or her household for the purposes of Means
Test calculation. As for such instances
where the parents have a different percentages of custody, such as a 60/40 or
70/30 split, depending on the circumstances you may be able to add the child as
a member of your household but should be verified beforehand.
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