After taking the IRS site means test for NC this is what got:
(we are currently behind on all cc bills and are running negative each month due to trying to catch up...because I was paying the cc bills when I didn't really have enough money to do so)
SO, what does this all mean. I am working on a budget to live monthly on, but is putting kids in soccer, paying for band uniforms, etc considered luxuries? I cannot figure out how we are suppose to have over $1,000 left per month.
If we cannot file Ch 7 and must do Ch 13 is there someone who is going to sit down with us and figure out how to make it work monthly?
Thanks in advance for any info.
Bottom Line
Based on the information you have entered so far, you are not eligible for for Chapter 7 bankruptcy because your monthly income of $9,850 exceeds the median for 7-person households in North Carolina ($7,570), and your expenses will leave you with disposable income of more than $182.50 per month and therefore would amount to more than $10,950 over the next five years.
Summary of your data:
Your average monthly income is $9,850 and, so far, you have expense deductions totaling $8,608 per month. That would leave you with $1,242 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $74,510 over the next five years, or 60 cents for each dollar of the $125,000 you owe them.
(we are currently behind on all cc bills and are running negative each month due to trying to catch up...because I was paying the cc bills when I didn't really have enough money to do so)
SO, what does this all mean. I am working on a budget to live monthly on, but is putting kids in soccer, paying for band uniforms, etc considered luxuries? I cannot figure out how we are suppose to have over $1,000 left per month.
If we cannot file Ch 7 and must do Ch 13 is there someone who is going to sit down with us and figure out how to make it work monthly?
Thanks in advance for any info.
Bottom Line
Based on the information you have entered so far, you are not eligible for for Chapter 7 bankruptcy because your monthly income of $9,850 exceeds the median for 7-person households in North Carolina ($7,570), and your expenses will leave you with disposable income of more than $182.50 per month and therefore would amount to more than $10,950 over the next five years.
Summary of your data:
Your average monthly income is $9,850 and, so far, you have expense deductions totaling $8,608 per month. That would leave you with $1,242 at the end of each month to pay into a hypothetical, five-year Chapter 13 bankruptcy plan, which would pay your unsecured creditors $74,510 over the next five years, or 60 cents for each dollar of the $125,000 you owe them.
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