4.3 weeks in a month - income question

[BOBBY1269]

Hello all .

I was told by a guy who just went to a consultaion with his lawyer that all income is based on 4.3 weeks per month.

So i am assuming if you budget 150 for food a month ( 600.00 ) if it is 4.3 weeks do you budget 645.00 for 4.3 ?

I spoke with an attorney today and he said that they do it for the means test .

He said just before you file you need 2 months of paystubs and that is what goes on the schudule j - 2 month being 8 weeks .

Does anybody have any idea about this its seems the means test is based on 4.3 weeks amonth and schedule j is based on 4 weeks a month ????

Bob

[LadyInTheRed]

Everthing is monthly, not weekly.

The means test uses your income from the 6 months prior to the month in which you file, regardless of how many weeks are in the month. If you file in January, you use whatever income you received in July through December.

Schedule I (Schedule J is expenses) should be your current average monthly income. So, if it varies by month, it would be your annual income divided by 12.


If your attorney asked you for 8 weeks of pay stubs, give him 8 weeks. If in doubt, error on the side of giving him too many. He'll use what he needs.

Every case is different and every attorney is different. Don't use the advice somebody recieved to determine what is appropriate in your case. Rely on your own attorney.

[BOBBY1269]

Thank you lady in red - i have another post ( wells fargo subordinate update just posted ) - i am hoping you can reply to that as well - i need to make a decison this week

thank you so much

bob

[momofthree]

When someone is paid every 2 weeks, rather than once or twice a month, then that is when the income calculation gets more complicated, because those earning bi-weekly paychecks get an extra 2 paycheck a year over someone who is paid twice per month (1st & 15th for example). This is probably where the 4.3 figure comes from.

[Pandora]

maybe its just me, but $150 a month for food seems very unrealistic even if its for 1 person. There are IRS guidelines that are used - but also note if your trustee or lawyer thinks something is too low - your plan will not be confirmed.

[Pandora]

Ok.. in trying to get more details as to how many people are in the OP's family so that I could possibly provide an idea of budgeting for him - I noticed several things that are confusing:

1. OP keeps changing amount owed to 1st mortgage
2. change in arrears to 1st mortgage - (from 10K on 1/4, 13K on 1/1, and now 16K ?)
3. post on 12-21 says up to date on 1st mortgage no arrears

Hard to help someone understand how a CH. 13 works when the info provided isnt consistent.

[momofthree]

maybe its just me, but $150 a month for food seems very unrealistic even if its for 1 person. There are IRS guidelines that are used - but also note if your trustee or lawyer thinks something is too low - your plan will not be confirmed.

He meant per week, he went on to say that that would equal $600/mo. ;)

[Pandora]

Ah....thanks "mom" Guess I'm a bit rusty and didnt catch that part... keep me on my toes!