Two Questions. I think I am ready to file.

[GettingGoing]

First question: I have a home that I plan to keep through the bk7. There is no equity so that is not a problem. I am about half way through a 3 month trial modification with Wells Fargo. After a lot of research it seems like filing bk7 would ruin my modification however I called Wells Fargo Several times today evening talking to their BK department as well as loss mitigation and was told that bk7 filed now would not affect my modification. I got this same answer from several people.

Second question: As far as income goes...how are the last 6 months determined? My wife has had no income until about 2 weeks ago so with my income over the past 6 months we are well below the median however with her new income we are right at the median. Since income is based on the past 6 months then we should be fine correct?


Thanks to anyone who can provide some answers. I really appreciate your time.

[jribe]

there are two income figures (well, sometimes 3!). The schedules I&J use current, not the past six months income (used for means test).

Do you still show negative DMI on I&J with the current income?

You'll need to make sure that is okay, or you could end up in a 13.

I don't know about the trial mod- hopefully someone else will chime in..

First question: I have a home that I plan to keep through the bk7. There is no equity so that is not a problem. I am about half way through a 3 month trial modification with Wells Fargo. After a lot of research it seems like filing bk7 would ruin my modification however I called Wells Fargo Several times today evening talking to their BK department as well as loss mitigation and was told that bk7 filed now would not affect my modification. I got this same answer from several people.

Second question: As far as income goes...how are the last 6 months determined? My wife has had no income until about 2 weeks ago so with my income over the past 6 months we are well below the median however with her new income we are right at the median. Since income is based on the past 6 months then we should be fine correct?


Thanks to anyone who can provide some answers. I really appreciate your time.

[GettingGoing]

there are two income figures (well, sometimes 3!). The schedules I&J use current, not the past six months income (used for means test).

Do you still show negative DMI on I&J with the current income?

You'll need to make sure that is okay, or you could end up in a 13.

I don't know about the trial mod- hopefully someone else will chime in..

Sorry I was not clear but when I said I was ready to file I meant I was ready to start the process pro se so I have not filled out any forms yet.

[AngelinaCat]

Hi GG: I really cannot answer the first question, as my DH and I did not have a home problem.

As far as your second question goes, the look-back period starts on the day you file. Anyone looking back will want a copy of your bank statements and pay stubs (or advices). They will look at all of your income and outgo during that six month period.

You may also be requested for a copy of your [whatever-year-relevant-income-tax return] to verify what you say on your schedules.

This is a start. You will need to do some more research and thinking before you actually file. Good Luck.

[GettingGoing]

Hi GG: I really cannot answer the first question, as my DH and I did not have a home problem.

As far as your second question goes, the look-back period starts on the day you file. Anyone looking back will want a copy of your bank statements and pay stubs (or advices). They will look at all of your income and outgo during that six month period.

You may also be requested for a copy of your [whatever-year-relevant-income-tax return] to verify what you say on your schedules.

This is a start. You will need to do some more research and thinking before you actually file. Good Luck.

Thanks for the info. I just filled out sch I and even then we are about 5k below the median income for our state.


edit: after glancing at sch J I am pretty sure we will have a positive amount left after expenses if the expenses are only secured expenses. I did not see a spot for unsecured expenses. I always thought as long as we are under the median income then we would be fine. Am I wrong in assuming this?

[ChaseDidThis]

If schedule J shows you have too much DMI, then yes, you can be pushed into a Ch. 13, regardless that you are below the median income.

[GettingGoing]

If schedule J shows you have too much DMI, then yes, you can be pushed into a Ch. 13, regardless that you are below the median income.

So how much is too much left over? Is there somewhere to find whats acceptable expenses are in my area?

Another Question. I fractured my foot at work and have been on workers compensation for the past 4 months. Do I put this in the gross wages box on sch I?