top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Means test question-how does 10 month pay schedule affect average monthly income?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Means test question-how does 10 month pay schedule affect average monthly income?

    My wife is a teacher and only receives a paycheck during the 10 months of the year she works. As a result, her monthly gross during her working months is higher than someone making the same salary who is paid over 12 months. This could mean the difference between passing the means test or not for us. Has anyone else been in this situation? Basically, my wife grosses $4000 per month for 10 months and then has no income for July and August. If her salary were paid out over 12 months she would gross $3333-what is her actual average?

    #2
    This is why many teachers choose to file in Sept so that the 2 months of no pay are included in the 6-month look back. ;)
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

    Comment


      #3
      You already figured the yearly actual average. Wether it will count will be based on when you actually file as posted before. Assuming you file before Dec, the two months of no pay would be beneficial as your look back would be the six months.
      Filed CH 7 4/15/11
      341 5/23/11
      DISCHARGED & CLOSED ON 7/27/11

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X