Just took Means Test "Test"

[Falcon]

Hey all,

I havent filed for BK yet, but I just used a sample means test on the consumer site.

I entered my expenses, income, even my fiances income, and for a 6 month period our income combined is less than the median. Median income for Georgia is a bit over $20,000 in 6 months. I will end up making around $27,000 by year's end.

My fiance is about to end up leaving her FT job because she is a student and will begin student teaching in the spring.

Also, just bought my first home in March of 2009 and will recieve a $8K tax credit. What do I do with this? I wanted to repay my Mother $2500 out of this because she loaned me money last year.

Your thoughts?

Nick

[backtoschool]

If you pay your mother, that is considered an insider payment, and the trustee will go after it, unless you wait another year to file.

Can you use the 8k as a down payment on a car?

[OhioFiler]

Hey all,

I havent filed for BK yet, but I just used a sample means test on the consumer site.

I entered my expenses, income, even my fiances income, and for a 6 month period our income combined is less than the median. Median income for Georgia is a bit over $20,000 in 6 months. I will end up making around $27,000 by year's end.

My fiance is about to end up leaving her FT job because she is a student and will begin student teaching in the spring.

Also, just bought my first home in March of 2009 and will recieve a $8K tax credit. What do I do with this? I wanted to repay my Mother $2500 out of this because she loaned me money last year.

Your thoughts?

Nick

That $8,000 is already an asset. I suggest you figure out how to spend that gift from your fellow taxpayers before you file bankruptcy. Paying off mom is not the answer. She is simply another unsecured creditor of yours.

[justbroke]

I would add that you should consult with an attorney on how to spend that $8K down. Putting that money into a car, could be lost due to bankruptcy property exemptions in your State.

[StartingOver08]

Falcon, we don't have enough information on your situation to be helpful, but didn't you say in another post that your total debt is only $30k and you are looking to buy a new truck?

That $8k could go a long way toward paying off your existing debt especially if you did not buy the new truck. You mortgage pmt is extremely reasonable at $800/mth. If you post your debt, maybe we can help you formulate a plan that would work and still allow you to pay off your Mother the $2500.

However, if you are set on filing the BK, you really can't pay your Mother because as BTS points out, the Trustee will go after your mother for those funds and any other insider payments made within a year of filing.

BK is the big bomb....sometimes it is worth saving it until you really need it. From what little you have posted about your situation, it appears your issue is an income issue rather than a debt issue. JMO.

[Falcon]

Falcon, we don't have enough information on your situation to be helpful, but didn't you say in another post that your total debt is only $30k and you are looking to buy a new truck?

That $8k could go a long way toward paying off your existing debt especially if you did not buy the new truck. You mortgage pmt is extremely reasonable at $800/mth. If you post your debt, maybe we can help you formulate a plan that would work and still allow you to pay off your Mother the $2500.

However, if you are set on filing the BK, you really can't pay your Mother because as BTS points out, the Trustee will go after your mother for those funds and any other insider payments made within a year of filing.

BK is the big bomb....sometimes it is worth saving it until you really need it. From what little you have posted about your situation, it appears your issue is an income issue rather than a debt issue. JMO.

Yes, StartingOver.....I dont get 40 hours every week, normally 33-36 or so. Ive tried to get a part time job but no one wants to hire someone for weekends only as I cannot work a PT job during the week.

I bring in gross pay of about $1800 to $2000 per month. 800 towards my home, 250 for electricity and water, sewage ect.....275 for internet/Tv.....$200 for food ect......I took a practice means test and I was -$70,000 for 5 years.

Nick