New Median Income Figures Coming

[SinkingFast]

From the DOJ/UST Website on Median Income Figures:

The Census Bureau will update this median family income data in late August 2006 to reflect 2006 inflation-adjusted dollars. The U.S. Trustee Program will post the updated data on or before September 12, 2006.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

From looking at the rest of the Means Testing Info and Schedules Allowables, looks like only the income levels will be changed. No anticipated changes in National Living Standards, Local Living Standards, or Transportation Standards are being announced at this time. Administrative Multipliers for Ch 13 Plans will also remain the same as set for filings on or after 2/13/06.

[lrprn]

From the DOJ/UST Website on Median Income Figures:

The Census Bureau will update this median family income data in late August 2006 to reflect 2006 inflation-adjusted dollars. The U.S. Trustee Program will post the updated data on or before September 12, 2006.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

From looking at the rest of the Means Testing Info and Schedules Allowables, looks like only the income levels will be changed. No anticipated changes in National Living Standards, Local Living Standards, or Transportation Standards are being announced at this time. Administrative Multipliers for Ch 13 Plans will also remain the same as set for filings on or after 2/13/06.

Thanks for the link, SF - very helpful to see what the DOJ has in mind for our folks who will be filing later in the year after these changes go into effect.

[SinkingFast]

You'd think the income figures will go up.

I know that's what we're hoping for.

But,.......... What if they go DOWN??!!

[anonymuse]

I looked at the figures in my state and county from 2005 to 2006. Median income went up 3.3%--which is based right off the inflation rate.

The Local Transportation standards went up 3.3% for people without a car, but down 3.7% and 5% for one and two cars respectively.

[Fedler]

I bet you guys were looking for an increase in that transportation category. Does your employer give you a raise when gas prices increase? If not, then why should the federal government? It's just part of life. One of those things that happens that's totally out of your control. The smart ones adjust their budgets. Spend less in other categories. Those who don't, get to experience 341s.

[anonymuse]

I bet you guys were looking for an increase in that transportation category. Does your employer give you a raise when gas prices increase? If not, then why should the federal government? It's just part of life. One of those things that happens that's totally out of your control. The smart ones adjust their budgets. Spend less in other categories. Those who don't, get to experience 341s.

Hopefully people can adjust their driving habits. Carpools--combining small trips--public transportation. I wish I had access to the transportation figures from 3-4 years ago. Since then, gas prices have doubled and it would be interesting to see how they were adjusted. I can see changes being made a couple of years ago, but not as much now.

I think you may be forgetting the intent of these figures--they are to accurately reflect the CURRENT cost of items and provide consistent figures for trustees to make their determinations on acceptable expenses. A lot of items will increase based on the current inflation rate--remember, a lot of people do not even get "cost of living" raises.