Simple Question...

[Haddit]

Anyone know the different uses for the Scheds I/J versus the Means Test? I see that they both attempt to be a basic Profit/Loss statement of my monthly budget, but they use different numbers. Scheds I and J use actual expenses, whereas the Means Test uses many plug expenses for what is typical of the local area.

Both bottom line numbers are coming out to be basically breakeven, but I was just wondering, why have both sets of numbers? I assume the judge/trustee would focus on the Means Test, because that is the basis for the presumption of abuse. But then why is the Sched J pertinent? It is somewhat coincidental that both sets of numbers come out so close to each other, because my actual expenses are significantly higher than the local standard in some cases, but significantly lower in others.

Thanks for all the input... this is such a great site for learning! I'll share everything I learn too as I go through this.

[Tbornetun]

I would see the means test as black and white and schedules I/J as gray area, if that makes any sense. With Chapter 7, the means test is the main determining factor as to whether or not you qualify, while schedules I/J are used to determine if you can afford to keep some of your secured items or if you can continue living as you are with the same expenses.

[Haddit]

Thanks Tbornetun-

That makes sense... the Means Test being basically the decisive indicator. I was wondering because some of the figures on my sched J were a little off, while the numbers in my Means Test were all pretty much dead on.

[justbroke]

The Schedules I/J is also a good indicator, to everyone reading your petition, of what your actual expenses are. It can be used, and has been used, against people.

The means test, as TB wrote, a very methodical and calculated way to determine if you qualify.

[Haddit]

Thanks Folks

Thanks!

Yes, there are some (mostly insignificant) inaccuracies in my sched J. My Means Test is dead on. Where my sched J is inaccurate, it really would be more negative if it was corrected (basically break-even now). As for the means test, it was dead on as of the date of filing, but income is slightly higher now, but it does not reflect enough tax withholding, nor does it reflect my new Term Life policy, which I entered into after my marriage in Oct. So, I believe I should be ok.

My 341 is next week, and I'm right on the fence with the means test (five bucks negative/mo), so it could get interesting. I'll let everyone know how it goes.