getting ready to file, nervous

[colleenbean]

Hey Guys,

I am single, live in Massachusetts and am getting ready to file.
I am nervous something will happen and I will get denied. One of the 341 questions is about payments over 600, and yes I have been making a $710 consilidation loan payment monthly-so does this mean i will be denied?
Also what is the income limit for a one person household?
And the means test? What is that formula?

Any help is greatly appreciated!
THANKSSS

[guzzie]

hello and welcome....I believe the median income for an individual in MASS. is $49,000.00
as for the 710.00 you would have to tell the trustee...don't think you would be denied
but never paid any of my creditors that high a payment in the months before filing...are you filing pro se or do you have atty...if not get a free consultation before you file and ask him about it.....best of luck to you in all of this....guzzie

[JollyGG]

Hey Guys,

I am single, live in Massachusetts and am getting ready to file.
I am nervous something will happen and I will get denied. One of the 341 questions is about payments over 600, and yes I have been making a $710 consilidation loan payment monthly-so does this mean i will be denied?

The worst case here is that the trustee will go after the creditor to get that money back and redistribute it to the creditors. A little more hassle, can make a no asset case into an asset case and can delay closing, but you would still get your discharge and move on with your life. That would then be an issue for the trustee and the creditor and wouldn't effect you in the least.

If you are sure you are going to file, stop paying any unsecured debts. As these will be discharged in the bankruptcy you are throwing good money after bad.

Also what is the income limit for a one person household?
And the means test? What is that formula?

I don't have to time to post the links right now, but look at the stickies and I'm sure you will find the link to a couple of online means tests. The means test determines based on your income, your expenses, and standared IRS expenses weather you qualify for a chapter 7 or a chapter 13.

Any help is greatly appreciated!
THANKSSS

See my answers above in Red.

I noticed you posted the same question in the general bankruptcy section. Most of our members respond to posts in all areas so in the future you only need to post the same question in one area. That way we can give you the best advise. Because we will have all the additional information from you and all the responses to the same question in one place.

[JRScott]

What is the nature of the debt that is contained in the consolidated loan (Credit Card, Student Loans, Etc)?

Is the loan secured by your property?