a bit confused, read some info in another thread

[SMinGA]

Don't worry about penalties for breaking a lease - other than doing what is required (such as giving notice of intent to move) so that the current place will release your rental history when you apply for another apartment. Any penalties would be included in your case...

Talking things over with your atty in advance of making decisions = good idea.

Ill have to consult with our lawyer to see what she has for advice as well, but i like the idea of moving to a bigger place.

and SMinGA you are correct again in your other post mentioning how many people can live in an apartment as well for my location, we are permitted 2 persons per room. so i WILL have to move os our son now counts towards that number. it may even allow me to break my 1 year lease a month or two early penalty free. ill have to talk to the apartment managers about that though.

[SMinGA]

Consider any other areas you have avoided due to lack of affordability. Renters Insurance - important. Maybe even a basic life insurance policy. If you have large deductibles on auto insurance - maybe decrease them.

so that would be a change in rent by about 600 or so dollars, it will also increase our gas expenses as its about 14 miles from work instead of 7. it will also allow us a chance to get renter insurance. and if it doesnt include utilities that will help as well.

[Pandora]

so i am filing first of august for BK7. already have a lawyer retained etc...

i was reading this thread

http://www.bkforum.com/showthread.php?t=58868

people mentioned that passing the means test wasn't the only part to qualifying for chp7. this person was mentioning that they had 700 "extra" each month now but hasn't paid for a year or so.
my assumption is that extra is the money that would be going to his CC

so like my situation i owe about 44k in cc and 20k in a car loan.

when i dont pay them i have an "extra" amount of about 1300-1500

does this mean i wouldn't qualify for a chapter 7? i am in CA and pass the means test. but not by much.
Bottom Line

Based on the information you have entered so far, your monthly income of $6,867 is above the median for for 3-person households in California ($5,887), but you pass the means test because, its formula says that your expenses will leave you with no disposable income over the next five years.

Summary of your data:

Your average monthly income is $6,867 and, so far, you have expense deductions totaling $ 7,482 per month. That would leave you with $ -615 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $ -36,912 over the next five years, or -84 cents for each dollar of the $44,000 you owe them.

Wait! Everyone missed a crucial part of your post - you said your cc AND your car note would leave you with the extra 1300-1500 a month. Are you planning on giving back your car?? How much of that 1300-1500 is your car payment?

Before you go breaking your current lease and getting into a new apartment that you might not be able to afford - you need to fill out your schedules and REALLY take a hard look at everything. Will you be required a security deposit? First last months rent on top of that? Utilities deposits? All of those things need to be looked at and cannot be included in BK. If they take your car or you give it back - what will you be driving, do you have another vehicle already? You cant afford another one right out the gate - so another thing to consider.

Renters insurance varies in cost - and if you're in a state that does credit profiling to get your rate, be prepared, its going to be higher. Life insurance is the same thing - ANY insurance for that matter; if you're in a profiling state, its all going to go up for having bad credit. We just took a massive hit to all of our insurances due to BK and right before filing because of hubby losing his job.

When figuring your budget for your schedules make sure you include everything you pay for during the entire year - right down to newspaper delivery - driver license renewal, car tags, inspection, oil changes, etc. And having a baby adds even more into it - more office visits and meds; I remember our kids visiting the dr quite a bit for well visits, and sick visits. Not to mention how much diapers, forumla, baby food, etc was. Costly.

Think about everything first - and then go back and see if you really have that much $ left over a month. You'd be surprised how much you really spend a month between cash and checkbook - even credit card purchases if you've had to use them to pay for necessary expenses. Add it all up and average it out, see where you're at. It doesnt mean you cant cut down, but it will give you a huge eye opening to what you really spend on average.

[momofthree]

You can include the fees from the broken lease in your bk...

[Pandora]

You can include the fees from the broken lease in your bk...

Guess I didnt clarify in my post, thought SMinGA addressed this already - I was referring to security deposits and utility deposits You cant include those in BK, or at least, I dont believe you can.

[sepiid]

My car im giving up has a 390 month payment. And is upside down 11k. My other car has a 290 month payment and is brweak even on loan/value.

Never been late on utils never had to make a deposite either.

Not including car cc payments are 1175.

[sepiid]

My car im giving up has a 390 month payment. And is upside down 11k. My other car has a 290 month payment and is brweak even on loan/value.

Never been late on utils never had to make a deposite either.

Not including car cc payments are 1175.