What is the income limit for Chapter 7 in South Carolina?

What is the income limit for Chapter 7 in South Carolina?
Household Demographic Authorized Income Limit
Singular Occupant$54,000
Dual Occupancy$67,500
Triad Occupancy$75,000
Quadruple Occupancy$90,000

Supplementary Provision: An incremental allowance of $9,000 per additional individual will be appended for households with more than four members.

Qualification Methodology:

Income Computation Module:

  • Aggregate six-month income average
  • Annualize said aggregate by a multiplication factor of 12
  • Comparative analysis against jurisdictional median income threshold

Eligibility Determination Protocol:

  • Sub-median income: Presumptive Chapter 7 qualification
  • Supra-median income: Secondary assessment required

Mandatory Income Source Compilation:

  • Wage earnings
  • Commercial revenue streams
  • Residential income allocations
  • Retirement compensation
  • Unemployment financial support

Authorized Expense Deduction Categories:

  • Mandatory employment-related financial extractions
  • Medically necessitated expenditures
  • Essential living cost allocations

Procedural Caveat: Income excess does not automatically disqualify a bankruptcy petition. The secondary computational analysis may validate Chapter 7 eligibility using disposable income calculations.

Documentation Recommendation: Professional legal consultation is advised for precise individual assessment.