What do you think...

[ecsclb1724]

Isn't that for a year though? He's already made over the 6mos amount hasn't he?

the median is 45K for a year, he's made 30K in 6 months, so it would put him at 60K for a year, way over.

[hopeforus]

6 months. He said he's only made 30k so far this year. Since he's in sales, its commission based so he's not salaried.

So for a single person he can make 90k for the year? That seems really high. The figure I saw was 23k for 6mos in NY,NY.

[hopeforus]

the median is 45K for a year, he's made 30K in 6 months, so it would put him at 60K for a year, way over.

See that's what I'm saying too. I don't understand where it says he can make 45k in 6mos for the median... I'm seeing a much lower number.

[25andbroke]

I just checked for New York, NY and for one person the median is $23,262. You are already way over that...

Bk is based on past history not future. Like other things in life the money coming in is not 100% things can happen vendors can back out.
These are my exp:

Net income after taxes 3160
08 taxes 55k
07 taxes 64k
06 taxes 45k

Rent 1375
Auto 578
S4tudent 127
Electric 60
Phone cable internet 137
Cell phone 120
Auto maintence and gas 200
Medical 88
Tobbacco 160
Food 300
Personal grooming 20
Laundry dry cleaning 100
Dog food vet 30
Insurance 45

[Amy26]

Is it different per state? I know in my state the look back period is six months prior and whatever you made in that six months they multiple it by 12... he's made 30k total this year... so you'd have to figure out what that is per month and then multiply it by 12 right?

Course I'm really crappy with math.

[hopeforus]

Is it different per state? I know in my state the look back period is six months prior and whatever you made in that six months they multiple it by 12... he's made 30k total this year... so you'd have to figure out what that is per month and then multiply it by 12 right?

Course I'm really crappy with math.

I was going by the fact that when I look up NY,NY (because I didn't know the zipcode for Long Island) at legalconsumer.com it says a single person can make 23k in 6mos as the median. He said he already made 30k. So his 6mos look back is already over what it says for the median.

[hopeforus]

Unless I am totally confused here.

[Amy26]

Oh I see... I guess I wasn't getting it before... 23k for the six month look back. Gotchya... so yes, I agree with you now. He's over. To put it in perspective... I've made like 6k in the last 6 months.

[25andbroke]

If your income is higher than the state median, you must first complete a long list of expense deductions to estimate what your 'disposable income' will be over the next five years. The result of this calculation determines whether you can file for Chapter 7, or are stuck with Chapter 13 as your only option.

[hopeforus]

If your income is higher than the state median, you must first complete a long list of expense deductions to estimate what your 'disposable income' will be over the next five years. The result of this calculation determines whether you can file for Chapter 7, or are stuck with Chapter 13 as your only option.

Yes, I understand this. I think what a few of us are getting at is that it sounds like you could easily pay your debt with your huge commission checks you are getting and avoid all of this. I wouldn't feel right about filing for 40k of credit debt when I have a car with a payment of over 500.00 a month (do you even drive in New York? Don't most people not drive? I have several friends there who don't even have cars for this reason. I don't care if you have a car I'm just curious really lol) and expect several 14k or more checks soon.

[hopeforus]

And I think some of us are also just pointing out that since you are over the median by so much that you might be scrutinized more closely and you may find yourself handing over that 14k check.

[Amy26]

And yes you are correct about the chapter 7 calcs... but you are well over the median and you have 175 dollars left after the means test... if you get by without being pushed into a 13 then more power to you... but I think if you were much closer to the 23k median requirement then maybe it would look better.

And if you get that 14k before your bk is discharged... I think that would have to be reported.

[pookieny]

He said he was in sales in Long Island not in Manhattan. Long Island is rural as well as suburban, so I would think he would need a car to get around.

[pookieny]

If he retained a good lawyer and he thinks he can file chapt 7, then I think the attorney would know if he qualifies.

[Amy26]

Yea you never know... my attorney told me that the trustee in my district is very sympathetic to Northern Virginians due to the high cost of living here. I think Fairfax County is still the most expensive county in the country. And my attorney also started out by telling me we'll try for a 7 and worst case it gets pushed to a 13. But I definately don't think this guy's case is a slam dunk 7.