State median income has been updated!

[optimistic1]

JUST CHECKED THE DOJ WEBSITE! w00T!

IT HAS BEEN UPDATED!

MY STATE HAS A SIGNIFICANT INCREASE, 36 MONTH PLAN HERE I COME!

ALL EXPENSE CATEGORIES HAVE BEEN UPDATED AS WELL!

http://www.usdoj.gov/ust/eo/bapcpa/20090315/bci_data/median_income_table.htm

[floridian]

oh well, im still 6 grand over... fox news said hyper-inflation will cut in soon and that should help raise it again..

[spearmint]

I am not sure how to interpret this. I am over the figure my state quotes for a single person. What does that mean?

[optimistic1]

That means that you must complete part two of the means to determine eligibility for a Ch. 7 BK, or if you know already that you are filing a chapter 13 BK, that your plan length must be 60 months long, no less, and that you must use the established IRS standards for expenses, not actual.

[spearmint]

That means that you must complete part two of the means to determine eligibility for a Ch. 7 BK, or if you know already that you are filing a chapter 13 BK, that your plan length must be 60 months long, no less, and that you must use the established IRS standards for expenses, not actual.

So, to qualify for 36 months you have to below the line? Ugh!

[optimistic1]

Yes. If you are above the median income, you have a 60 month, no less, if you are below the median, you can have a 36month to 60 month plan depending on how much you can afford to pay into the plan.

[spearmint]

Yes. If you are above the median income, you have a 60 month, no less, if you are below the median, you can have a 36month to 60 month plan depending on how much you can afford to pay into the plan.

Now would those numbers listed be for GROSS income?

[optimistic1]

Yes, gross income based on a previous 6 month average.

[spearmint]

I thought it was TWELVE months?

[optimistic1]

No, when you use the means test, it asks what your previous 6 month income is, it then takes that and averages it into a monthly income, then it is multiplied by 12, giving you an annual income.

[spearmint]

That six month thing is going to put my income even higher. Three months ago my income dropped $20K but it is going to count the three months at my higher income. Bummer!

[optimistic1]

Just wait until they drop off the averaging.

[spearmint]

What do you mean?

[optimistic1]

Meaning, that if 3 months ago your income dropped, just wait for another 3 months to pass by at that dropped amount, your looking back 6 months, so if you wait long enough, the 3 months that are higher will eventually go away, and then you will have a 6 month period total where you have lower income.

[spearmint]

Trouble is I need to file soon in case my wages get garnished. Is there a way to check to see if a garnishment is in the offing?