The definition of "middle class" can vary wildly depending on who you ask. For some, middle-class is defined by certain attributes: If you're hardworking, thrifty and humble, for example, you're middle-class. For others, it means earning a substantial salary but not so much that you'd be considered rich.
Northwestern Mutual's 2018 Planning & Progress Study found that 68 percent of Americans consider themselves middle-class, down 2 percent from last year. However, because of the fuzziness of the definition, far more Americans consider themselves middle-class than technically qualify based on income. Please note however that this is a ...
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New Means Test Housing Allowances Levels Playing Field for Long Island Renters
Most individuals or couples filing for protection under either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy are required to meet certain income eligibility requirements under the “Means Test.”
Under the Means Test, you must first determine if your average monthly income for the last six months is below the median income for your state, based upon the size of your household.
If your average monthly income for the past six months is below the median income in New York, you have passed the first hurdle, and so long as you meet the other eligibility requirements, you can file for protection under Chapter 7 Bankruptcy.
If your average monthly ...
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