MEDIAN FAMILY INCOME
\mˈiːdiːən fˈamɪli ˈɪnkʌm], \mˈiːdiːən fˈamɪli ˈɪnkʌm], \m_ˈiː_d_iː__ə_n f_ˈa_m_ɪ_l_i_ ˈɪ_n_k_ʌ_m]\
Definitions of MEDIAN FAMILY INCOME
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An annual income figure for which there are as many families with incomes below that level as there are above that level. The Census Bureau publishes median family income figures for each state and for different family sizes. A debtor whose current monthly income is higher than the median family income in his or her state must pass the means test in order to file for Chapter 7 bankruptcy, and must commit all disposable income to a five-year repayment plan if filing for Chapter 13 bankruptcy.
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- the child of your aunt or uncle