median family income

Definition of "median family income"
  1. An annual income level dividing families in a state into two halves, with one half earning more and the other half earning less. It influences bankruptcy proceedings, affecting a debtor's eligibility for Chapter 7 bankruptcy and the length of the repayment plan in Chapter 13 bankruptcy
How to use "median family income" in a sentence
  1. In order to qualify for certain social programs, the Smith family had to fall below the median family income.
  2. The figures for median family income are helpful in understanding the economic status of average families in a state.
  3. John's application for Chapter 7 bankruptcy was rejected because his income exceeded the median family income for his state.

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