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May 2023Inflation Adjustment for Family of Two Goes the Wrong Way
Posted by Robert Weed / in Weekly Posts /
Bankruptcy Means Test Inflation Adjustment for Family of Two Goes the Wrong Way
A family of two should budget less for food and clothes than a year ago, according to means test national standards just announced
Budgeting food and clothes in the bankruptcy court for a family of two just got harder.
According to the Justice Department (who gets them from the IRS, who gets them from the Bureau of Labor Statistics), the average cost of food, clothing and miscellaneous is lower for a family of two than it was a year ago. And, that makes no sense at all, but there it is.
Here’s the Means Test National Standards
National Standards cover five necessary expenses: food, housekeeping supplies, apparel and services, personal care products and services, and miscellaneous.
Family Size May 2023 May 2022 Change
Family of 1 $841 $785 $+56
Family of 2 $1389 $1410 $-21
Family of 3 $1700 $1610 $+90
Family of 4 $1993 $1900 $+93
Date of these adjustments
These adjustments for the bankruptcy means test are posted usually April 1 and then reposted May 15. But, it was today, May 15, 2023 that I first noticed the adjustment for a family of two went the wrong way.
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Robert Weed has helped fifteen thousand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia’s most experienced personal bankruptcy lawyers. As an expert on changing consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers across the country.
