Few more questions, please?

[jlynn275]

I have a question. We are over median income (BARELY) and if we definitely pass the means test (attorney says we should) will it make it more difficult to get a discharge since we are not reaffirming our house, but "intend" to keep it??? The house expense is the only way we would pass a means test. Same with the car....not reaffirm, but plan to keep...probably helps us pass means as well.

Also, what has been the experience with not reaffirming a car (flipped) but continuing to pay? We want to keep my car, but we are paying $391 for 3 more years and it's already 3 years old, over mileage etc. I just need reliable transportation because I drive almost 2 hours a day for work. It's financed through BB&T - what is the chance they would repo it if we kept paying on time (never been late)??

[researchnerd]

Being barely over the median definitely doesn't disqualify you from discharge, it just means that the US Trustee will probably get involved. Keeping your mortgage and car payments in there is a good idea. We are way over median but the UST determined that asking for a dismissal was not appropriate in our case.

[drowning123]

Even though I wasn't planning on keeping the house or the car, I still included my mortgage and car payment. My 341 went well on 9/23 and so far so good. My DMI was -$1800. Maybe that helps a lot.

[jlynn275]

You will have to forgive me, I am still trying to learn the BK lingo.
What is DMI? Something-means-income? Was yours -$1800 a month?

[ccsjoe]

DMI=Disposable monthly income.

[tobee43]

DMI=Disposable monthly income.

our dmi was about -3k...so no wonder...i'm just looking at it now...interesting it was actually 2798 minus...

[drowning123]

DMI=Disposable monthly income.

Yep. The difference after you subtract your expenses from your income.

[drowning123]

our dmi was about -3k...so no wonder...i'm just looking at it now...interesting it was actually 2798 minus...

Wow, you were broke, tobee. Thank goodness for bankruptcy! I know, I know, I'm not too far behind either.

[tcreegan]

Hi jlynn,

There are two places you worry about expenses; the means-test and Schedule J

The means-test is what you would be paying if you didn't have to file the dang BK (current payments)

Schedule J is what you are going to be paying post-BK, you are going to have to live somewhere and have a car so reasonable payments are expected to be here.

Good luck and keep the questions coming!

Tom in Colo

[jlynn275]

oh don't worry, I never run out of questions

Schedule J (that's a new one)....
So if you say you intend to keep your house and car and don't reaffirm they base it on what you are currently paying? If you don't have the means to pay that I assume it becomes an issue in what you can keep? Basically just getting rid of credit card debt does nothing for us at our current income...we still can't make our bills since the pay cuts. Which is why we have been guided into a 7. So they will see that as well when reviewing....won't they ask how we "INTEND" to pay the mortgage if we can't now while not paying the other debts??

[tobee43]

Wow, you were broke, tobee. Thank goodness for bankruptcy! I know, I know, I'm not too far behind either.

yes, we were.......down the tubes really didn't know what we would have done if we couldn't have filed...

it just hit us all at once! and i'm a planner...goes to show there are just some things in life one can never plan for..

[drowning123]

goes to show there are just some things in life one can never plan for..

Truer words never spoken.