Am I correct in assuming the allowed mean income increases every six months? I am asking this question because if it was last increased March 2009and will increase again September 2009, maybe then I will try to wait until September to file chapter 7.
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Originally posted by imbarbara6 View PostAm I correct in assuming the allowed mean income increases every six months? I am asking this question because if it was last increased March 2009and will increase again September 2009, maybe then I will try to wait until September to file chapter 7.
Even when the median incomes have increased before, it is rarely more than a $1000 increase. That amount doesn't help most filers much - it's often easier to find the extra $ in overlooked expenses to get under the median rather than depending on a median increase that might happen to get them under.
Also keep in mind it's quite possible to be over the median but still be able to file a Ch 7. If you have a lawyer, discuss this situation with him/her. And if you haven't found a lawyer yet, then it's time to set up 3-4 free initials consultation appointments with experienced bk lawyers in your area. Put this question on your list to ask each one.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go
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Irprn.. Thank you very much but your reply caused me to think of a few questions.. If we look for extra dollars for expenses, does the trustee require proof of those expenses? I mean do I have to show receipts? What about our banking statement.. will we have to show proof of those expenses as being paid on the banking statement? Does the trustee look closely at the banking statement and what is he looking for and what kinds of things can he object to? (made me think of the last question was that date at the bottom of your reply.. 10/05/06 hearing to resolve 2 trustee objections.) Sorry for all the questions. I am scared to death but plugging along.
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The adjustment that takes place around September is based on census data and reflects the actual median income for your state. Unfortunately, it could go up or down for any individual state. The adjustment that takes place around Feb/March takes the numbers from September and adjusts them by the change in the consumer price index. During this adjustment, every state's median will either go up or all will go down and it will be by the same percentage.
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