Are we going to HAVE to keep our car?

[okiemom2008]

I am so worried about what I have been reading about "disposable income"
We are under by about a 1000 on the means income
Our gross pay is 4500.
Our Sch J is 2800 and this includes 200 of student loans that are in deferment

If I am reading it correctly this leaves us with 1900 disposable income..what about taxes...they currently take 30% for our taxes so our net is 3150.

We are giving up our house...715.00 a month gone
Our truck 560 a month gone(we do not want to keep it-way upside down and just want to get something that is paid for)
Our credit cards...500 a month in min payments
and a debt from business 1100 a month

Do we have to keep the car to be eligible for a Chpt. 7? My lawyer keeps telling me we won;t have a problem going chpt. 7 but that was when he though we were doing a 722 on vehicle.

[justbroke]

Your payroll taxes should be on Schedule I.

I'm not really good with Chapter 7s (no direct experience). If you're below median, it should be easier to qualify. I just wonder about your assets taht you're surrendering and what affect that has on your Schedule J... making you have a positive amount left over to fund a Chapter 13.

[okiemom2008]

Your payroll taxes should be on Schedule I.

I'm not really good with Chapter 7s (no direct experience). If you're below median, it should be easier to qualify. I just wonder about your assets taht you're surrendering and what affect that has on your Schedule J... making you have a positive amount left over to fund a Chapter 13.

Thanks! I was worried about that too--but their is no point in keeping the home because we do not live there(it is in Texas) and it is a mobile just depreciating daily. The car I could keep but really do not want to as I want something paid for. I feel like if we get pushed into a chpt 13 we will be broke forever because we are making decent money now but are considering a huge pay cut right after filing due to moving back home to be close to family.

[jeb]

Remember that the day you file is a "snapshot" of your financial - If "we are making decent money now but are considering a huge pay cut right after filing due to moving back home to be close to family." remember that is the income you will be showing.

Makes far, far more sense to wait until your income has dropped to file.

One other point - WHICH State will you be filing in? Better check to see because it is not so simple as, "this is were we now live so that is were we file."

It is which State you spent the most time in over the last couple of years or something like that - keeps people from moving to another State with better BK laws.

If this were not the case, I would be out of FL in a heartbeat as BK here sucks. - jb

[okiemom2008]

Remember that the day you file is a "snapshot" of your financial - If "we are making decent money now but are considering a huge pay cut right after filing due to moving back home to be close to family." remember that is the income you will be showing.

Makes far, far more sense to wait until your income has dropped to file.

One other point - WHICH State will you be filing in? Better check to see because it is not so simple as, "this is were we now live so that is were we file."

It is which State you spent the most time in over the last couple of years or something like that - keeps people from moving to another State with better BK laws.

If this were not the case, I would be out of FL in a heartbeat as BK here sucks. - jb

Well we have paid the lawyer so we have to file here. So we cannot move back home with the low paying job until we file. So the day we file we will have better income than a month later...confusing!!! lol

[jeb]

Well we have paid the lawyer so we have to file here. So we cannot move back home with the low paying job until we file. So the day we file we will have better income than a month later...confusing!!! lol

Where you file and which State's rules for BK may be two different things - others on here can give you better info - but you may be living in one State and, because you have not lived there long enough (something like X number of months during the previous Y months), you may have to file in or under the rules of the State you moved from.

Are you moving back to the State you had lived in for a long time period and how long have you lived in your present State?

IF you are moving back to the State you had lived the time period to qualify for the BK, seems like waiting to file until after you move back and have a lower income would be the way to go. - jb

[brokenbuthealed]

When my atty was filling out my schedules, although I am surrendering the house, we still put down a monthly amount for housing because I will still have to pay to live somewhere. We did the same for the car, which I am also surrendering. So, although I'm giving them up, since we don't know what the expenses will be after bk, we used my current figures for estimates.

[okiemom2008]

When my atty was filling out my schedules, although I am surrendering the house, we still put down a monthly amount for housing because I will still have to pay to live somewhere. We did the same for the car, which I am also surrendering. So, although I'm giving them up, since we don't know what the expenses will be after bk, we used my current figures for estimates.

Did you put the same amount as your old house payment? We are paying less for our rental than we were for our mortgage(only by a little)

[brokenbuthealed]

Did you put the same amount as your old house payment? We are paying less for our rental than we were for our mortgage(only by a little)

Yes, we put the amount of my old house payment. It was current up until I filed. I didn't quit paying after I filed.