North Carolina Median Income and the Bankruptcy Means Test
Broadly speaking, the bankruptcy code has grouped consumer debtors into two groups for the ability-to-pay means test, those above median income and those below median income. Elsewhere, we discuss what the consequences are for being above or below median income in chapter 7 as well as the consequences are for being above or below median income in chapter 13. Many debtors view being below median income as positive, but this is not always the case, as chapter 13 above median debtors may have beneficial access to certain allowances. We can provide a free evaluation of your individual financial situation. This page focuses on the data itself defining median income, to which a debtor’s income is compared determination of the applicability of the means test.
The United States Trustee, a unit of the Department of Justice, complies and publishes the official means testing data based on compilation of data from several other government agencies. As of publication, the latest data is for cases filed on or after 11/1/2012. For a debtor, these income levels are compared against gross income, adjusted for certain expenses associated with businesses and rental operations, and excluding social security payments. Median income figures are adjusted semiannually for cases filed after the effective date of the adjustment. While these changes are generally small, they can be consequential for debtors with income right around the median.
Since means testing began, adjustments in North Carolina have ranged from -5% to +6%. The accompanying chart illustrates the history of median income levels in North Carolina.
Programs, Colleges, Degrees, Courses, Classes, Certification, Training
Raleigh, NC has twenty-one law schools within a 100-mile radius of its city center. Duke University, the highest ranked school in this group with a law program, has a total student population of 14,350. It is the 15th highest ranked school in the USA and the highest in the state of North Carolina. To learn more about law programs in Raleigh, ratemyprofessors.com has reviews of law professors at Duke University such as Shawn Bayern, Sara Sun Beale, James Boyle, Catherine Fisk, Michael Newcity, and Laura Underkuffler. Law students from Raleigh schools who go on to become law professionals, tax lawyers, judges, paralegals, etc.
There are 13,140 people working as administrative law judges, adjudicators, and hearing officers alone in the US, and their average annual salary is $87,620. Arbitrators, mediators, and conciliators make on average $63,250 per year and there are about 8,110 of them employed in the US today. Raleigh lies in Wake county, which is one of the 64 counties in North Carolina. Overall, the Raleigh-Cary area has 499,330 total employed workers according to the US Bureau of Labor Statistics, with a 0.6% unemployment rate, $20.85/hr average worker wage, and a $43,370 average annual salary. Of the 21 law schools with a 100-mile radius of Raleigh, only 2 have a student population over 10k.
After taking into account tuition, living expenses, and financial aid, Wake Forest University comes out as the most expensive for law students, with Nash Community College as the lowest, reported at only $481/yr.
Celebrities are not the only individuals whose estate plans experience controversy. A person serving as executor for the first time must manage the time demands of the probate process while allowing leeway for their own learning curve. Our probate attorneys produced a few overviews of the estate administration process to help facilitate a productive start. While many issues may be prevented if a testator properly implements living probate during their lifetime, some estate administration issues nevertheless might occur. Executors may discover throughout the course of estate administration that the value of the estate falls within North Carolina’s statutory threshold for small estates.
For qualifying estates, the law provides a means for heirs to receive the decedent’s property with minimal or no probate administration. Certain forms must be filed before an individual may begin serving as executor or administrator of an estate in North Carolina. The duration of a North Carolina probate administration depends on a variety of factors. Understanding common causes of probate delays can help executors and other parties involved in the estate administration to prevent unnecessary interruptions. Customarily, the following probate forms are used for North Carolina estates .
Posted on May 8, 2017 by Gregory Herman-Giddens. Executors must preserve estate assets until distribution. Overseeing estate assets could be a burden for executors, particularly if the decedent bequeathed out-of-state property or unique assets.
Top 10 Reasons People are Moving to NC
Some of the top states people are moving from are New York, New Jersey, Florida, California, Virginia, DC, Maryland, and others. Check out the Top reasons people are taking advantage of the Raleigh Real Estate market and moving to the Raleigh, Cary, Durham, and Chapel Hill areas. There is a growing number of retirees moving to Raleigh, Cary, and surrounding areas and retiring in Raleigh, Cary, Durham and other small towns. The Raleigh and Cary North Carolina area boast some of the Top sports clubs and fine arts establishments. I’ve met many people moving here so their child can compete at a high level of swimming, gymnastics, soccer, baseball, horseback riding, music, and other activities.
The Raleigh area median income is inline with the remainder of the United States while smaller surrounding cities is higher than the US and North Carolina Average. Many people relocate to the North Carolina Triangle for a variety of reasons. In the heart of Raleigh you’ll find NC State along with many Wolfpack fans. Raleigh Real Estate is at the mid point of an average of $267k – $327k. I work with a lot of people relocating to the Raleigh Real Estate market from up North.
Generally speaking you’ll find Raleigh Real Estate taxes rates based on the county rate and if inside the city limits, there will be a city tax. You may find it interesting to know there are several people who have convinced their employers to allow them to work at home so they can choose to move to North Carolina.