In SW Florida. Took a HUGE reduction (lost 100K) in pay last year. Have not been able to make it up. Eat thru my savings. 160K unsecured debt. No attachable assets. Can you please critique my monthly expenses and see what would get rejected or require scrutiny by trustee. I assume I would qualify for Chapter 7 even though i am over the means test for income????
3 people in household - me, wife and 18yr old son (fulltime college student)
Income 5,416.67
Income Tax 406.00
Social Security 392.00
401K 270.83 5% Contribution to get company matching funds
total 4,347.83
Mortgage 506.00 Keeping House (homestead exemption)
Electric 350.00
Water 75.00
Cellphone 200.00 (me + family plan wife, son and mother)
Internet 43.00
Satelite TV 100.00
Home Maintenance 200.00
Food 750.00
Clothing 200.00
Laundry 50.00
Medical 450.00 Actual pharm and dr copays
Transportation 698.00 2 cars - total 22,000 miles driven annually
(22,000 * .5 irs mileage)/12 months
less auto loan. only way I could figure to
calculate gas/oil/tires/wear etc.
one car is a real gas guzzler
Tolls 50.00
Entertainment 250.00
Donations 250.00 Tithing (actually do 10% but i'm sure that
wont fly)
HomeOwners Ins 166.67
Health Ins 55.00
Auto Ins 236.00
Property Taxes 500.00
Car Loan 218.00
Total 5,464.67
Shortfall (999.83) Need to figure this out after BK!!!
3 people in household - me, wife and 18yr old son (fulltime college student)
Income 5,416.67
Income Tax 406.00
Social Security 392.00
401K 270.83 5% Contribution to get company matching funds
total 4,347.83
Mortgage 506.00 Keeping House (homestead exemption)
Electric 350.00
Water 75.00
Cellphone 200.00 (me + family plan wife, son and mother)
Internet 43.00
Satelite TV 100.00
Home Maintenance 200.00
Food 750.00
Clothing 200.00
Laundry 50.00
Medical 450.00 Actual pharm and dr copays
Transportation 698.00 2 cars - total 22,000 miles driven annually
(22,000 * .5 irs mileage)/12 months
less auto loan. only way I could figure to
calculate gas/oil/tires/wear etc.
one car is a real gas guzzler
Tolls 50.00
Entertainment 250.00
Donations 250.00 Tithing (actually do 10% but i'm sure that
wont fly)
HomeOwners Ins 166.67
Health Ins 55.00
Auto Ins 236.00
Property Taxes 500.00
Car Loan 218.00
Total 5,464.67
Shortfall (999.83) Need to figure this out after BK!!!
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