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United States Bankruptcy Trustee Updates National Standards For Essential Expenses For Bankruptcy Filers

On April 1, 2022, the Department of Justice adjusted the thresholds for essential living expenses to reflect a national standard for all bankruptcy cases filed in the United States. These thresholds represent the typical limit for certain expenses, depending on household size. This adjustment was made to reflect the increase in cost-of-living that has occurred over the past year. The changes to these standards are described below:

Expense Type Household of 1 Household of 2 Household of 3 Household of 4
Food $400 $724 $838 $955
Housekeeping Supplies $41 $76 $69 $79
Apparel & Services $92 $150 $191 $259
Personal Care Products & Services $42 $76 $72 $89
Miscellaneous $148 $266 $303 $358
Total $723 $1,292 $1,473 $1,740

Interestingly, this change reflects a very quick update from the most recent change to the national standards, with the previous standards only being effective for a little over one month. Moreover, the increase between April 1, 2022 and May 15, 2022 is much greater than the changes made in the living expense update for cases filed between May 14, 2021 through March 31, 2021. For example, cases filed between April 1, 2021 and May 14, 2021 had a household of one would be permitted a combined total budget of $715.00 for food, housekeeping supplies, apparel & services, personal care products & services, and miscellaneous expenses.

Effective April 1, 2022, that number increased to $723.00 (a 1.1% increase to living expenses compared to the previous 11 months) and just over a month later that amount has now jumped to $785.00 (an 8.5% increase in living expenses compared to the previous month). This increase appears to reflect the rapidly increasing cost-of-living due to inflation and could be adjusted more frequently as these costs continue to rise.

To learn more about how your eligibility for bankruptcy may be affected by these changes, please feel free to reach out to your Yuba City bankruptcy attorney at (530) 797-4402 to discuss your situation to see if bankruptcy can help.

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