disposable income

[shanidane]

What happens if you are over the alloted amount the IRS sets for car payments, utilities etc?? I did the online test, we have enough income to chapter 13, but after trying to figure out disposable income I have less than 100 left at the end per month. we have no equity in our home or vehicles..could we file a 7 thanks

[AboutToBK13]

What happens if you are over the alloted amount the IRS sets for car payments, utilities etc?? I did the online test, we have enough income to chapter 13, but after trying to figure out disposable income I have less than 100 left at the end per month. we have no equity in our home or vehicles..could we file a 7 thanks

First is your income under the median for a family of your size in your state? If your income is over and you pass the means test part, you may be able to sneak into a BK 7 with the right lawywer.

You need to layout your number infront of a lawyer and see h/she has to say.

[shanidane]

we are over the median income, we live in Ohio. But after all the expenses are taken out we do not have much money left over, less than 100 per month. Also does anyone know if they can take 401k accounts here in Ohio? Thanks

[AboutToBK13]

I'm am fairly certain that 401K's are exempt regardless of the state. Someone correct me if I am wrong.

How far over the median are you? If you are only over by a few dollars, then you might be able to get into a 7. If you are over by a lot, you most likely won't make it. It will also depend on whether you and the Trustee agree on the expenses. Your trustee may not like your budget and decide that you have more "disposable" income then you think you do.

Bottom line, a 13 requires a lawyer well versed in 13's and knows what the local trustee will and will not allow. A review of 13's in your area may also help you with your budget. You can probably find them on Pacer.

[kiddles]

If you pass the means test, you are eligible to file a 7. If it appears you have disposeable income, the trustee may try to force you into a 13.

We were more than 30% over the median, had no disposeable income on the means test, and filed a 7 without the trustee even blinking an eye at us.

[shanidane]

WE are about 7000 over the means, but after the basics such as utilities, food, and housing incl. property taxes and home equity loan we do not have any left over at the end of the month. That is why we were wondering if we would still qualify for a 7. We did talk to a lawyer and just based on income alone he said a 13 but we did not get into expense details....

[shanidane]

Does anyone know of a lawyer here in columbus ohio that is good and knowledgeable about the trustees...any recommedations would be great...thanks

[helpless]

shanidane, I pm'd you with our attorney

[erinb1975]

Shani, I also PM'd you. We are also in Columbus.

[Flamingo]

we are over the median income, we live in Ohio. But after all the expenses are taken out we do not have much money left over, less than 100 per month. Also does anyone know if they can take 401k accounts here in Ohio? Thanks

401(k)s are still exempt under the new law but you still have to advise that you have one and its value. We did.