Over the median ch 7.......

[dragonnfly]

I love this forum to death, I check it everday along with dear pacer. When this is all over pacer will be deleted from my favorites but bkforum will stay. My issue right now is most of what you read on here is when people have problems come up, you dont get to read a lot about the BKs that go thru with no problems. I am in that stressful little waiting period to find out if the US trustee is going to find something somewhere to pick on us about. We have put everything we could possible think of in our plan to have enough give if they did find a few things to pick on. I got on pacer last night and there was a new entry and I almost fell out of the chair before I remember they filed our Debt ed. Regardless I need to hear a good over the median story. Did anyone out there file 7 over the median and not have any problems come up?? I would love to hear your story. Please.

[dragonnfly]

ok THIS IS A BAD SIGN.......

[HHM]

I wish I could help.

About all I can say is that people do have successful BK 7's even when they are over the Median.

[woodj]

I have not filed BK7 yet but I am in a similar situation than you. I am above the median on the "means test" but qualify for BK7 after I take the second part of the test. That makes me very interested in the outcome of your BK. Please continue to tell your story as you go through the steps of your BK. I agree, this forum is GREAT.....

By the way.....How did your 341 come out?

[laurannm]

We are also slightly above median debtors but will be filing Ch 7 in July. I am also interested in how your case turns out

[dragonnfly]

Depressing wait

My issue now is that its been a month (almost) since we filed and I am already really tired waiting for the ax to fall. I haven't heard one "over the median" story on here that didn't have some problems. My lawyer double checked 3 times that we had every possible deduction in the means and schedules so that when not if but when they objected to it we would have enough give to cover the item they had a problem with. I read on here all the dates of filing and then the 341 hearing. Some that filed after me have their 341 in just over a month. But I have to live in a area where theres about 2 months between filing and 341. One good thing is since we filed time has went really fast. I am enjoying making out a budget that the income is a little more then the expenses. But still if anyone has a smooth going "over the median story" I would really love to hear it. Trust me I will let you know mine, good or bad.

[laurannm]

I think most of the above-median problems I have come across on here all seemed to include different situations that may or may not apply to everyone. For example I think one person had an issue due a high amount of 401k deductions from his pay check. It really all depends on the speicifc cirucmstances of your case.

Speaking about our situation, I am hoping it is pretty cut & dry...no 2nd homes, 2 cars with payments that are well within IRS standards, no voluntary 401k contributions, no medicals expenses or back taxes, all secured payments are current, all of our basic expenses are well within IRS standards (family of 5), etc. Our lawyer did say that it was highly likely we would be audited due to the high debt/high income that we have, but that primarly meant they would take a closer look for an luxury purchases (of which we have none for the past several years)

[Dirk Squarejaw]

I'm over median by about $5k/yr and will be filing by mid-May. My lawyer said that even with my income being a little higher than the state median for IN that it was a pretty routine chapter 7. I'm hoping his "AV" rating means he really is sharp and that he's right about this.

[dragonnfly]

We are over by about 10,000. Family of 5. We dont have any voluntary 401K deductions, we set that to 0 about 2 months ago when we started looking in to this and it was only 1% before that. Our biggest thing that could pick on is they left my truck payment in the schedules etc. ever thought we are surrendering it. We will need to replace it and one other car. Hubbys truck has 195,000 miles and lost the transmission. So we will need 2 different cars, thats the biggie they could pick on. Otherwise, I was glad to hear they werent doing the audits this year. You still might be reviewed by a US trustee if your over median. But none of the audits where they request a list of documents as long as a football field. Wish me luck. Dragonnfly

[dragonnfly]

Well we have made it past the one month mark and not a peep from anyone "presuming abuse" yet. Our attorney said in the US trutee, unless there are some questions they have, will generally let us know "very soon" after filing if there are any problems. I really want to call and ask if "very soon" has past but I dont want to get my hopes up too much that we might glide through this with no bumps in the road. I know some people have had the presumption of abuse filed after the 341 also. So that would be my luck. I really think anything that did get looked at closer we would survive but I would really be happy if this was all over in about 3 months and the idea that it would take longer with something happening makes me sick. It really has went fast but Im so tired of it being on my mind all the time.

[Cali]

You are over by 10k??

We are over by about 10,000. Family of 5. We dont have any voluntary 401K deductions, we set that to 0 about 2 months ago when we started looking in to this and it was only 1% before that. Our biggest thing that could pick on is they left my truck payment in the schedules etc. ever thought we are surrendering it. We will need to replace it and one other car. Hubbys truck has 195,000 miles and lost the transmission. So we will need 2 different cars, thats the biggie they could pick on. Otherwise, I was glad to hear they werent doing the audits this year. You still might be reviewed by a US trustee if your over median. But none of the audits where they request a list of documents as long as a football field. Wish me luck. Dragonnfly

[JRScott]

It's still possible to get a chapter 7 if over by 10k, it really depends largely on your expenses and source of those expenses. Enough secured debt and you could make it easily.

I know its worrying but try not to worry.

[dragonnfly]

We are a family of 5 and the median is 77432. Our current yearly income on the means test shows 91,875. What got us to ch 7 is per diem. Our w2s only show we made 72,000 last year because per diem is paid pre tax. Thorw a big house payment in there and we made it. Dragonnfly

[laurannm]

I hope things work out for you. As JRScott mentioned, try not to worry too much. Generally no news is good news from everything I have read

[Cali]

Thanks for the explanation.

It's still possible to get a chapter 7 if over by 10k, it really depends largely on your expenses and source of those expenses. Enough secured debt and you could make it easily.

I know its worrying but try not to worry.