IRS putting out new standards figures

[kenshirley]

[BornAgain]

Yep, last year about this time. I wonder when the IRS will update them again -- and which way they'll move! [nervous]

[kenshirley]

Yes, we are filing 3/11 and are worried about the median changing as well.

[mkuki]

Yes, we are filing 3/11 and are worried about the median changing as well.

U r worried about it changing up? or down?....

I would assume if the median changes, most likely it will be up, which should help cover you if u r above it now...

[kenshirley]

Well I am worried so that means I worry about it going down, and it can to that.
We are within a few $ of the max now for our situation.

[mkuki]

It's inconcievable to me that the median would go down....(but I also did not see gas prices ever going back to under $2/gal either )

In any case, due to inflation, cost-of-living index, and last years gasoline spike, I'm most likely willing to bet it will be adjusted upwards.

FYI...IRS adjusted their mileage allowance up, so there's evidence the Fed (BK Courts) are aware of the higher household costs.

[BornAgain]

I'm most likely willing to bet it will be adjusted upwards.

Man I hope so. But like in real estate... it's all about location, location, location. Here in Oregon we've already started trending downward with the last update. :-(

[kenshirley]

It can go down. See this chart that another forum showed from the DOJ site and you can see it did just that.

Well here's what I gathered from the DOJ site last night (after posting this question)...

Update_Date........OR_Fam_of_3........Change
------------.......------------.......-------

10-1-08.............58,789...............-897...........23 days warning
3-17-08 ............59,686..................0
2-1-08..............59,686 ............+1,653...........13 days warning
1-1-08..............58,033..................0
10-15-07............58,033.............+2,929
2-1-07..............55,104.............+1,724
10-1-06 ............53,380.............-1,253
2-13-06 ............54,633 ............+1,791
10-17-05............52,842


And with the economy in the can I can well see it going down shortly. Many are out of work and not making any money at all.

[mkuki]

kenshirley, Have u consulted a BK arttoney?

I was worried I might not pass in MA (for family of 4) but after meeting with him, he told me "nothing is written in stone", at the end of the day, with good planning, it's possible for me....he told me to plan well, with a target filing date of May-June.

I am several thousands above the mean...so I was like

[kenshirley]

Yes, and we file chapter 7 3/11.

[BornAgain]

Yes, and we file chapter 7 3/11.

The 11th of March is okay -- the new median income numbers don't take effect until March 15th.

[coralfang]

I'm having trouble pulling up the information. It's reading DOJ: 404 Error: File not Found. Is anyone else coming up with this as well?

[OhioFiler]

It's inconcievable to me that the median would go down....(but I also did not see gas prices ever going back to under $2/gal either )

In any case, due to inflation, cost-of-living index, and last years gasoline spike, I'm most likely willing to bet it will be adjusted upwards.

FYI...IRS adjusted their mileage allowance up, so there's evidence the Fed (BK Courts) are aware of the higher household costs.

Median income has nothing to do with prices. It is merely a dollar value where 1/2 of the familes in the state earn less and 1/2 the familes earn more.

Adjustments to the IRS standards for living expenses may well go up but that's a whole 'nother ballgame.