Means Test - Negative DMI

[markdel16]

I've filled out the sample means test that's listed somewhere here on the site, and I've come up with a negative DMI, and that means test doesn't even account for all the other things my attorney had me list (entertainment, housing upkeep, vet bills, etc.) I'm keeping my home since I'm current, and barely have any equity if any.

My wife and I will be filing joint, we are about $4k above the median.

Does a negative DMI qualify me for a 7?

[optimistic1]

It sure does, as long as you calculated it correctly, which can be tricky sometimes. But keep in mind that some districts will rule by using your schedule's I and J instead of the means test. Your attorney would know if that is the case.

[markdel16]

That is great news. I've been praying that we'll be able to do a 7, and considering in PA I can use & double the federal exemptions, I should have no problems keeping everything I own (not that it's much anyway).

I'm currently awaiting my first draft, so I assume at that point is when we can fine tune all the figures and see where I end up, either a 7 or 13.

[optimistic1]

Yup, good thing you hired an attorney, as this whole process gets somewhat complicated.

[maddog2112]

whats the difference between means test and the Iand J ?

[eddiep]

Schedule I is your actual current income. It is not based on the past six months but what you currently make.
Schedule J is your actual expenses.
The means test uses your past six months income and standard expenses.

here are the links to these schedules
Schedule I: http://www.uscourts.gov/rules/BK_For...006I_1207f.pdf
Schedule J: http://www.uscourts.gov/rules/BK_For...006J_1207f.pdf