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Simple English definitions for legal terms

Median Family Income

Read a random definition: anarchist

A quick definition of Median Family Income:

Median Family Income: The amount of money that half of all families in the United States make more than and the other half make less than. It is calculated and published by the U.S. Census Bureau every year. In 2018, the median family income was $61,937. This number is important in bankruptcy law because it helps determine if someone can file for Chapter 7 bankruptcy.

A more thorough explanation:

Definition: Median Family Income refers to the figures published by the U.S. Census Bureau each year. It is the income level that separates the top 50% of households from the bottom 50% of households in terms of income. The most recent median family income published by the Census Bureau was in September of 2019, which was the household income of 2018 in the United States. The 2018 median family income was $61,937.

For example, if there are 100 households in a community and their incomes are arranged from lowest to highest, the median family income would be the income of the 50th household. This means that half of the households earn more than the median family income and half earn less.

The median family income is an important figure in bankruptcy law. In the Chapter 7 bankruptcy means test, the debtor passes the means test if the debtor’s monthly income yields a figure lower than the median family income, otherwise the debtor would have to pass the step 2 of the means test in order to file for chapter 7 bankruptcy.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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