Monthly Income Question...

[UDSquirrel]

Hello, quick question!

My husband makes about $9/hour BUT only works for 9 months out of the year (works at a college so is off all summer). Also, I am getting unemployment until I either hopefully get a job, or when it runs out in July. Our current monthly income is ok (around 1500/mth or so) but we will have nothing in the summer unless we save up now... but with bankruptcy, you're not allowed to just have money sitting around like that, right? Do we adjust our monthly income to be with respect to 12/mths or something? We will be really stuck if we have to survive for 3 months on the $400 of "disposable" income our state allows! Does anyone know how this would work?

Thanks!

[StartingOver08]

In which state are you located?

If you are planning to file a Ch 7, why wouldn't you wait until the summer when you husband has no income?

[UDSquirrel]

We live in Ohio. We've been trying to get this done for almost 6 months... And if we did it over the summer when he's unemployed, wouldn't they still want our "disposable" income that we would have saved up to get us through the summer?

[liz417]

We live in Ohio. We've been trying to get this done for almost 6 months... And if we did it over the summer when he's unemployed, wouldn't they still want our "disposable" income that we would have saved up to get us through the summer?

You have exemptions (I haven't looked them up yet), I don't know if you have a cash exemption though. I agree with StartingOver, you should wait until your income is the lowest for the 6 month look back.

[momof3b1g]

You have exemptions (I haven't looked them up yet), I don't know if you have a cash exemption though. I agree with StartingOver, you should wait until your income is the lowest for the 6 month look back.

Depending on your situation. I would also be leary of filing when dh has no income. What would your budget look like without that income? Do you own a home or owe on cars? If your budget is negative the trustee could have problems with things in your budget.

[tay666]

Stockpile some money now, but don't keep it in the bank.
That is where they look to see how much you have.
And if you spend it to retain a lawyer, you 'won't have it anyway, so you have nothing to worry about.

Wait and file shortly after he goes back to work in the fall.
The months he wasn't working will be during your 'look back period'.

I'm in Ohio also, if I remmber correctly, the allowable cash exemption is only like $400.