Better to pass means based on median income, or based on the other steps

[teacher]

Basically, right now I would be reallyyyy close if I try to file based on using all of the expenses. I will be over the median by $40. This included a part time job that I stopped working for 3 months ago, but obviously that income is still showing on my previous 6 months.

I can either try to file in June (based on up to the end of May) having to use the separate expenses, and some of them might be considered iffy by a trustee (i.e. recent charitable contribution, higher telecommunications)

orrrrrrrrr

I can wait until August and file, where I'm just simply under the median income because all of that part time job money will fall of.





Thoughts?

[teacher]

Unfortunately, I can't just wait until July because I get 4 paychecks (teacher summer pay, they like to give you 4 checks at once so they can close out their books) and that's going to jack up my income. I'm starting to feel that I just need to be patient and wait until August to file.

Is there any immediate consequence for waiting to file? I don't own a home, and I'm continuing to make payments on my vehicle. I want to say that the only real consequence would be that "maybe" a creditor might file a judgment against me......but I just stopped paying on them about 2 months ago.

[justbroke]

It's always based on when is the best time. An impending lawsuit or foreclosure is a reason to file now. Otherwise, wait it out until it's a clear cut below median case. Also, when you are close to the median income (or slightly over), one simple objection to a single expense could put you over and then having the "means" to fund a Chapter 13.

[LuciluS]

We hired our Attorney last Sept. and quit paying on most of our credit cards. There was one where I had a balance transfer to get a better rate & Attorney suggested making 3 min. pymts & try to add some extra dollars each month.

We have received many phone calls, gave them our Attorney's name, phone # and address, and received some collection agency letters. Attorney said quit answering the phone and if we receive a judgement, he will file something in court to delay it until we file on 9/30/09 so some income will drop off.

IMHO don't think you will have any problem waiting until August to file a 7.

Luci

[teacher]

thanks to the both of you, you've put me at ease

i just need to chill out and breathe for a month or two

i'm not being harassed by any creditors..especially since i gave them the attorney info, so i don't really have anything to complain about

If anything, I guess waiting would actually help in the sense that it would put me 300 monthly income under the median income AND increase my debt (late fees, over limit fees, interest, etc) which would help the threshold numbers

maybe it is just the end of the school year stress getting to me

[teacher]

Just to get some second round opinions....

[Vanda]

Well, from everything I've read here and from my own personal experience, being over median them more likely to scrutinize. I know it is hard to wait though.

[chemteacher]

Does deferred pay count?

Hi, I'm new to this forum, and as my username implies I am a teacher. I was looking at filing a chapter 7 bk, but I don't know if the deferred summer pay that I receive counts as a "paycheck". I get paid 10 months out of the year, with a substantial sum removed each month to be applied for June and July. Does anyone know if this deferred pay counts as part of my six month income or not? I'm wondering because if it doesn't, then I will wait to file bk and show a much lower six month salary.