Question Do I make too much money?

[brokerunner]

I live in AZ and make $44,000 a year. Do I make too much money to file Ch 7? I currently can't pay all my bills and CC are mostly to blame. I think the means test for an individual is like 40,100 here, but I'm not sure.

[JRScott]

If you are over in median income then you need to fill out the second part of the means test to see if you can file for a chapter 7. It appears that is what you need to do based on the information here .

[lrprn]

I live in AZ and make $44,000 a year. Do I make too much money to file Ch 7?

Here's the link to the current Means Testing table for median income for cases filed after October 1, 2008 - http://www.usdoj.gov/ust/eo/bapcpa/2...come_table.htm

It shows the median income for a single filer in Arizona is $41,792. However, you didn't mention if you are married or or living with one or more adults. If you are, then income from those individuals can impact the median income figures as well. Are you truly a single filer on your own?

What you need to do to find out where you really stand is set up appointments for free or low-cost initial consultations with 3-4 experienced bankruptcy lawyers in your area. It's very possible to earn over the median income and still be able to file Ch 7. It all depends on what kinds of debt you have and how the assets and other belongings you have stack up against the Arizona bankruptcy exemptions - see http://bankruptcy-law.freeadvice.com...exemptions.htm and http://www.bankruptcyinformation.com/AZ_exemp.htm for what exemptions Arizona allows.

[brokerunner]

I just got married, but I'll be filing on my own as all of the debt was incurred by me. I don't understand exemptions - can someone please explain?

I am meeting with a debt counselor this week and then I plan to start looking for lawyers to meet with.

Thanks!

[JRScott]

Exemptions are legal amounts of property you can retain even after the bankruptcy. Each states has their own allowances.

Even if you just got married on the means test I think you are a family of 2, and thus you have to put in the income she contributes to the home. The debt counselor might can help advise you on this.

[domaingamer]

Does the census burea update the median family income chart every year? That's a useful table to consult before considering whether bankruptcy is an option for your income bracket.

[justbroke]

Does the census burea update the median family income chart every year? That's a useful table to consult before considering whether bankruptcy is an option for your income bracket.

You should use the site posted above. It's updated as many as 4 times a year. The last update was 10/1/2008. The prior updated was 3/15/2008 (I believe).