Hello All,
I have a unique situation concerning the Chapter 7 means test (Colorado). I am a high income earner and I was laid off from my previous job which resulted in 1 month of no income (January). I have a new job that I started in February and with my current income I still am over the median income for means test purposes. If I file a Chapter 7 case July 1, my 6 month CMI will include 1 month of no income (January), and 5 months of my new income (Feb-Jun). This average will bring my income low enough (still over median) where my expenses will then be enough for me to pass the means test.
My question is - What impact does my current higher income have moving forward? Will they strictly only go off of the 6 month lookback period that I filed? or will they look at current and future income based on the new job I got in February and force me into a chapter 13? (My new income is too high and expenses do not offset enough to pass means test)
Any help is appreciated.
I have a unique situation concerning the Chapter 7 means test (Colorado). I am a high income earner and I was laid off from my previous job which resulted in 1 month of no income (January). I have a new job that I started in February and with my current income I still am over the median income for means test purposes. If I file a Chapter 7 case July 1, my 6 month CMI will include 1 month of no income (January), and 5 months of my new income (Feb-Jun). This average will bring my income low enough (still over median) where my expenses will then be enough for me to pass the means test.
My question is - What impact does my current higher income have moving forward? Will they strictly only go off of the 6 month lookback period that I filed? or will they look at current and future income based on the new job I got in February and force me into a chapter 13? (My new income is too high and expenses do not offset enough to pass means test)
Any help is appreciated.
Comment