$800 Disposable Income...A problem?

[ekelly4200]

Yep, Yep, Yep!!

New BK Law,........... In excess of $166/mo of disposable income and over the Median, you are gonna be a Ch 13.

You wanna shoot for less than $100/mo. Negative to be on the safe side.

That's why your attny was so squeamish about it. That's a sizeable Ch 13 payment. Prolly for 5 years.

First time posting and see a similar income problem. Before filing (still not filed but should be going in this week or next to sign papers) I am in the negative by about $200 a month. We passed the means test for NY. but take out the CC payments then it shows about $700 disposbale income. We are trying for Ch 7 but worried it may wind up being converting to 13. which would leave me with no extra income at all. I was on a DMP before I considered BK and was still not making it each week. Does the calculations end at the means test or do they still look further at monthy allowable expenses?

[SinkingFast]

When figuring expenses, you don't include monthly payments for debts you intend to discharge in the BK. No CC payments. The auto payment if you plan to let it go. That type of thing.

You're below the Median, so the Means Test for you will end at Line 6 or 7 where the box "No Presumption of Abuse" will be checked.

From there, the Trustee will move to a comparison of Schedules I and J. I is income. J is expenses. What you actually make/mo and what you actually spend to live.

In working up your expenses, don't be a cheap skate. No blue ribbon at the end of that contest for you.

Here's an old thread with lots of good advice and a link for you:

http://www.bankruptcyforum.com/showt...ght=calculator

Hope this helps.

[pv34pv3p]

[chmastal]

"irs allowables"

...is there a list or chart for this somewhere???
Just another dumb question..Tks

[SinkingFast]

...is there a list or chart for this somewhere???
Just another dumb question..Tks

http://www.usdoj.gov/ust/

In the BK Reform box, click on Means Testing. Be sure to scroll down the page and select the proper time frame. There was a Median Income change in Feb this year, and a new one goes into effect on 10/01.

The Schedules allowables are there to complete the Means test. Local Standards are by County in your particular State. Transportation is by geographic area or region.

[SinkingFast]

I'm looking for an answer for you on your Q, PV. Social Security income is exempt. I know that one for sure. Trying to find another reference to a military pension.