25% of outstanding debt?

[Foofy610]

Please correct me if I'm wrong...

If we fail our means test, we must be able to repay 25% of our outstanding debt within 60 months. If we can not, we qualify for a CH7... correct.

That being said... here's my math: $63k x 25% = $15,750 / 60 = $262.50

Question: Is $262.50 the mark we're shooting for to pass the means test?

[ValleYum]

No, you need to shoot for between $117.08 and $195.41 in order to utilize that 25% you mention. Under $117.08 and you don't worry about the 25%. At $195.42 and above it's Chapter 7 game over.

If you exceed the amount of $11,725 on Line 51 you can't continue to the 25% presumption test. That only applies if your Line 51 total exceeds $7,025 and is $11,725 or less.

Have you looked at the blank Means Test form B22A on paper? Sometimes actually filling it in yourself (rather than using an online calculator) gives some clarity.

Here is a link to a copy: http://www.uscourts.gov/uscourts/Rul...B_22A_1210.pdf

This is a great line by line explanation of what goes where on the Means Test: http://www.justice.gov/ust/eo/bapcpa...ne_by_line.pdf

The only thing that has changed is the Transportation ownership expenses instructions for Lines 23 & 24 due to the Ransom decision and possibly some dollar amounts.

[daylate]

Actually I think the upper limit has been raised to 11,700, unfortunately not high enough. And I think the lower limit is a bit over 7k. Got adjsuted late last year if I recall correctly.

[ValleYum]

Yup - I just noticed that too - and just grabbed numbers straight off the form (off the UST site!!) let me edit while I can!!

Thanks

ETA: FIXED IT (I hope!!)