median family income
- 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
- In order to qualify for certain social programs, the Smith family had to fall below the median family income.
- The figures for median family income are helpful in understanding the economic status of average families in a state.
- John's application for Chapter 7 bankruptcy was rejected because his income exceeded the median family income for his state.
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