2009 Stimulus Check and filing chapter 13

[john_smith]

Right now I am about $69 above the median income. I will take unpaid day off so I can get below the median income. I also need to wait until August or September before I file, because I've got annual bonus at the end of January.

Here is my question:
If they pass 2009 Stimulus checks, will the stimulus check count against my income? If it does, then I will be above the median income and have to do 5 years vs 3 years in chapter 13.

Does anybody know the answer?

Thanks.

[lrprn]

Unknown until/if the 2009 checks go out (if they ever do). When the 2008 stimulus checks went out, as I recall it varied from court to court across the country whether the check was counted as income or not, so no help there.

[atolar]

are they even talking about a 2009 stimilus checks? I haven't heard anything re: that.

[crookedoak]

no checks, just a little extra (15$) in your take home pay each check

[JoeBankrupt33]

The only people who might get checks are on Social Security.

[LuciluS]

The only people who might get checks are on Social Security.

I'm on Social Security Disability each month. My five year review is this October; however, It was noted in the Judge's ruling, my Neurosurgeon stated I was 100% disabled (which is true). So not worried about review.

How much are they talking about? Dang, this Chapter 7 planning is starting to get to me again and I've been at it since 9/08 when I met with the Attorney.

Luci

[JoeBankrupt33]

$250 in late May if you were entitled to social security at any time from Nov 2008 to Jan 2009.

[LuciluS]

$250 in late May if you were entitled to social security at any time from Nov 2008 to Jan 2009.

And that is going to help the economy? Do they honestly think this $250 will increase consumer spending? I think NOT! Total waste of Taxpayers' Money.

Luci

[krielly]

I just started to get an extra $20 or so in my bi-weekly paycheck last pay period. I believe that has already started.

It's just an adjustment to witholding.......to offset the lower income taxes for 2009 as I understand it. Just lowers your tax liability, not an increase to your income.

K

PS: I'm referring to the economic stimulus as it applies to folks making under X amount of dollars/year. I know nothing about the Social Security details another poster is referring to.

[blindsided]

The Social Security check information is here:

http://www.ssa.gov/payment/

At this time I would not expect a separate 2009 stimulus check. Congress is reportedly unwilling to consider a separate recovery bill this year. Of course, this could change if the economy significantly worsens, but it's far enough off the radar screen that I would not base my bankruptcy plan on it.

The current changes to withholding are called the Making Work Pay Credit:

http://www.irs.gov/newsroom/article/0,,id=204447,00.html

For most people this results in a simple reduction in withheld taxes. It does not change your income, though. It is a non-taxable tax credit.

Since you weren't receiving this income during the preceding six months it shouldn't make you fail the Means Test, as I understand it.