Is this true?

[okiemom2008]

When we went to retain the lawyer he gave us a huge packet to fill out. One of those was expected future income. He said for a year after you file, you cannot make more than 400.00 over what it costs you to pay your bills or is is considered fraud.
So my question is
1. Has anyone else heard this?
2. If true, would it be 400 over what it would cost you to pay ALL your bills, inclusding cc's you are discharging, vehicles going back ect. or what it costs you to live after you discharge everything?

I ask because obviosuly our bills are going to be decreasing after bk sicne we are letting everything go and starting over.

[justbroke]

I have never heard any such thing, and I don't see anywhere in the Bankruptcy Code about this.

Chapter 7 is really about your financial condition on the day you file. The only thing that can be considered up to 180 days past your petition filing date, are certain windfalls, due to inheritance, insurance, and other settlements. They don't even include the lottery in that definition.

Very very strange for a lawyer to say that.

Unless, you got your lines crossed. Perhaps he was talking about the "presumption of abuse" which arises if you are above median income and have a lot of money left over each month (about $100-200 dollars). However, presumption of abuse is dealt with at your 341 or shortly thereafter.

Strange.

[relief13035]

I've never heard of such a thing. After all my credit cards and the 2 rental houses mortgages are discharged, I will have a heck of alot more that $400 leftover each month.

[TEW]

No and as justbroke said it as of the day you file. how would any one know what you are making after your discharge or even before.

[AngelinaCat]

I never heard that either. Besides, how in the world are you supposed to predict that in X number of months, you are going to receive a substantial raise, or even go to a new job? Or be laid off, for that matter?

[StartingOver08]

I never heard of that either - sounds like you either need clarification from this attorney or find another attorney. It does not make any sense.

[Intoodeep80]

I agree, that doesnt sound right.

Justbroke- do you pay $4,992 each month for your chap 13??!! Im just trying to figure out what that means in your signature line..

[justbroke]

Justbroke- do you pay $4,992 each month for your chap 13??!! Im just trying to figure out what that means in your signature line..

That's how much I pay through my plan for mortgage, property taxes, cars, and IRS taxes. I pay for current property taxes, HOA fees, and some other things outside my plan.

I know... it seems high, but my mortgage (1st) is in there and is about 1/2 of that amount.

[deadbroke99]

That's how much I pay through my plan for mortgage, property taxes, cars, and IRS taxes. I pay for current property taxes, HOA fees, and some other things outside my plan.

I know... it seems high, but my mortgage (1st) is in there and is about 1/2 of that amount.

Wow Justbroke. Either you live in a mansion or your in California..lol

[relief13035]

I think you have an okie attorney feeding you some weird stuff. jk

Call on Monday to clarify OK

[Intoodeep80]

Wow Justbroke. Either you live in a mansion or your in California..lol

Thats what Im saying! lol. I dont even make that much in 2 months! Guess thats why Im a ch7 bk

[justbroke]

Wow Justbroke. Either you live in a mansion or your in California..lol

Nah, just took advantage of the housing boom. Bought a pre-construction home in 2002, and it was completed and I moved in the home in early 2003. I lived in the home for 2 years and then sold at the "height" of the real estate boom in 2005. It was Orlando and I made a profit over 55%. I then, summarily, spent it.

So, it's not that bad. Remember, no matter what each of our tax brackets or annual income is... the cost of living is always the same...

All you've got.

(And, as a public service message, it's the property taxes and insurance that kills people in coastal areas in Florida!)

[StartingOver08]

[QUOTE=justbroke;229362]
(And, as a public service message, it's the property taxes and insurance that kills people in coastal areas in Florida!)[/QUOTE]


That is the truth! We spend more on annual insurance than most people spend on taxes!!

[okiemom2008]

I think you have an okie attorney feeding you some weird stuff. jk

Call on Monday to clarify OK

I think either we misheard him or he said something wrong. My husband asked if he got a raise after the bk if it would be a problem and that is when he said that about the 400.00. Of course I had a million questions to ask him so it is possible I misheard it.