What happens to my rental income

[Pasofino]

Where do I put rental income on Current monthly income means test?

Will the trustee keep the monthly rental income after I file? or can I still collect this income during the automatic stay until discharge?
Thanks

[MSbklawyer]

Where do I put rental income on Current monthly income means test?

There is no "current monthly income means test". The means test uses past income. Current monthly income goes on schedule I.

Will the trustee keep the monthly rental income after I file?

More than that, he's probably going to want the rental property unless you have some way of exempting it. About the only way to exempt rental property is through some wild-card exemption, which are usually fairly small, or if you rent out part of your own home.

Please tell me that you're not trying to do a bankruptcy pro se if you own rental property.

[OhioFiler]

There is no "current monthly income means test". The means test uses past income. Current monthly income goes on schedule I.



More than that, he's probably going to want the rental property unless you have some way of exempting it. About the only way to exempt rental property is through some wild-card exemption, which are usually fairly small, or if you rent out part of your own home.

Please tell me that you're not trying to do a bankruptcy pro se if you own rental property.

That made me chuckle.

[Pasofino]

Means test info

That made me chuckle.

My forms state
Chapter 7 Statement of Current Monthly Income and
Means-test Calculation Form 22A

which I must file along with Schedule I

This is for AZ
If you want to file for Chapter 7 bankruptcy, you must at least complete the first part of the form to figure your "current monthly income" (CMI), which is based on your average income over the past six calendar months. That number will determine whether you must complete the rest of the form.

The rental properties are in forclosure but I am still receiving income.

No Laughing please!
Thanks

[Pasofino]

Means test info

There is no "current monthly income means test". The means test uses past income. Current monthly income goes on schedule I.



More than that, he's probably going to want the rental property unless you have some way of exempting it. About the only way to exempt rental property is through some wild-card exemption, which are usually fairly small, or if you rent out part of your own home.

Please tell me that you're not trying to do a bankruptcy pro se if you own rental property.

Yes, I am filing pro se
/ and Please tell me you are not an attorney???

If you want to file for Chapter 7 bankruptcy, you must at least complete the first part of the form to figure your "current monthly income" (CMI), which is based on your average income over the past six calendar months. That number will determine whether you must complete the rest of the form.

[MSbklawyer]

My forms state
Chapter 7 Statement of Current Monthly Income and
Means-test Calculation Form 22A

which I must file along with Schedule I

This is for AZ

The rental properties are in forclosure but I am still receiving income.

No Laughing please!
Thanks

Has the foreclosure finalized? Has the gavel fallen at the sale? Or is it just in some pre-sale phase of foreclosure?

Until the foreclosure finalizes, you are entitled to the rents from these properties. After that, the lienholder will be entitled to the rents. If your bankruptcy filing occurs before the foreclosure sale, those rental properties will be property of the bankruptcy estate and the estate will be entitled to the rents unless you have some way of exempting the rental property.

When you actually file your bk petition, your rental properties will become property of the bankruptcy estate

[Pasofino]

Has the foreclosure finalized? Has the gavel fallen at the sale? Or is it just in some pre-sale phase of foreclosure?

Until the foreclosure finalizes, you are entitled to the rents from these properties. After that, the lienholder will be entitled to the rents. If your bankruptcy filing occurs before the foreclosure sale, those rental properties will be property of the bankruptcy estate and the estate will be entitled to the rents unless you have some way of exempting the rental property.

When you actually file your bk petition, your rental properties will become property of the bankruptcy estate

I am filing a few days before the foreclosure date in March.
I am hoping to collect rent for March and of course spend it before filing. I trust the April rent will go to the bk estate.

I understood the current tenant will have 90 days once the
stay is lifted?? and /or renegotiate the lease with the bank. They are on a month to month.

As the property taxes are paid separately ...do I need to be concerned about listing back taxes? and
can I pay ahead on my current residence which is not in foreclosure?

Thanks