Bascially, I have about 90K in credit debt. I earn approximately 130k annually. I do not own a home, but do own 2 cars that will be paid off in 2013. I'm wondering .... might my BK filing be rejected because of my salary? Does this happen?
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what is the likelihood of my BK filing being rejected?
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RLOPE, it would likely just be the difference between Chapter 7 and Chapter 13. Basically, you first check to see if your salary falls under the state median income for your state. If you are above median, you then take the means test. Here is a link to the Means TestFiled pro se, made it through the 341, discharged, Closed!!!
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Chapter 13 is the default personal bankruptcy filing. You must qualify for Chapter 7, and with your high income, that would be difficult, barring extraordinary circumstances. Your unsecured debt is not that high.
Bankruptcy rejection is extremely unlikely - I have never heard of it. But you can look forward to five years of surrendering all of your disposable income to a Chapter 13 trustee. Good luck.
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Without a mortgage, extraordinarily high medical expenses, 8 kids, or some other valid "out of the norm" expense that will eat up that high income, you won't qualify for ch. 7. You'll have to file ch.13. We do have a ch.13 forum on the site if you're looking for more info about it.
If you take the means test posted above by free2breathe, then you'll get a general idea of your monthly payment...Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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hey there.. thanks for responding to my question. Question: is money spent for a woman to come and help clean the house twice a month considered disposable income? Is money on clothing purchased every so often considered disposible income? Or how about money to go on a vacation ? I'm just trying to get a solid handle on what it will mean to "surrender" all disposable income... - no vacation, new clothes, or help w/ maintaining the house? Appreciate your response well in advance.
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Originally posted by RLOPE View Posthey there.. thanks for responding to my question. Question: is money spent for a woman to come and help clean the house twice a month considered disposable income? Is money on clothing purchased every so often considered disposible income? Or how about money to go on a vacation ? I'm just trying to get a solid handle on what it will mean to "surrender" all disposable income... - no vacation, new clothes, or help w/ maintaining the house? Appreciate your response well in advance.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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Originally posted by RLOPE View Posthey there.. thanks for responding to my question. Question: is money spent for a woman to come and help clean the house twice a month considered disposable income? Is money on clothing purchased every so often considered disposible income? Or how about money to go on a vacation ? I'm just trying to get a solid handle on what it will mean to "surrender" all disposable income... - no vacation, new clothes, or help w/ maintaining the house? Appreciate your response well in advance.Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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Sit down with an attorney that actually does Chapter 13s, they can give you an idea of what kind of payment you'll be looking at. If they can't estimate a payment on the spot, you need to see someone that knows Chapter 13s specifically (many attorneys don't).Any information posted by me is for general informational purposes only. While I am an attorney, I am not YOUR attorney and any information I provide is not legal advice.
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Originally posted by RLOPE View Posthey there, momofthree. how's your chapter 13 going? (if you mind me asking.) My wife and I have no choice but to file bankruptcy, but she's recovering from a touch c-section, so we need her to get better before filing.
I've had 3 c-sections (2 that also included allergic reactions that resulted in full-body hives and swelling), so I feel for your wife. Hope she has a swift recovery and plenty of time to enjoy your new little one!
Keep us posted on your bk journeyFiled Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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on the "surrendering all of your disposable income" when you submit a ch13 plan and your monthly payment and budget is set,and you making payemts ectect. what happens if you get a raise or make more money or get a 2nd job.does one have to adjust for a higher disposable monthly income to the trustee or can that DMI go to a emergency fund? (or anything really)
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Originally posted by oicu812 View Poston the "surrendering all of your disposable income" when you submit a ch13 plan and your monthly payment and budget is set,and you making payemts ectect. what happens if you get a raise or make more money or get a 2nd job.does one have to adjust for a higher disposable monthly income to the trustee or can that DMI go to a emergency fund? (or anything really)Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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