My wife and I are looking at a potential loss of two and a half to three months of her income starting in September because she is likely going to be put on bed rest for the remainder of her pregnancy and will have to take much more time off from work than is normally allotted for maternity leave. She has permission to take the time (we live in NJ which is a Family Leave Act state) but she won't be paid. Before this development we only anticipated her being out of work for a month. During these three months of no income from her end I will have to absorb the mortgage which is all my salary can cover-I will not be able to pay any of our six credit cards, my truck payment, utilities, etc...
Because of the 6 month rule with the means test, just before she goes back to work, we will qualify for BK as we'll be under the median income. I know that over median folks successfully file for CH7 all of the time, but it just makes me nervous. Anyway, the irony is this-let's say we file once our 6 month average drops low enough. If we do that, by the time we're actually meeting with the Trustee my wife will likely be back to work and we'll be above the median income (barely) again. Won't that set off alarm bells in the Trustee's head? I'm praying not because if we aren't able to get rid of these debts after having not paid for three months we'll never get out from under them. As it is the minimums eat up every last cent of our disposable income after essential bills, and the late fees, etc...tacked on as a result of not being able to pay for that period will put us even further in the hole. Our little girl will have no future if we can't find a way to start over...
Because of the 6 month rule with the means test, just before she goes back to work, we will qualify for BK as we'll be under the median income. I know that over median folks successfully file for CH7 all of the time, but it just makes me nervous. Anyway, the irony is this-let's say we file once our 6 month average drops low enough. If we do that, by the time we're actually meeting with the Trustee my wife will likely be back to work and we'll be above the median income (barely) again. Won't that set off alarm bells in the Trustee's head? I'm praying not because if we aren't able to get rid of these debts after having not paid for three months we'll never get out from under them. As it is the minimums eat up every last cent of our disposable income after essential bills, and the late fees, etc...tacked on as a result of not being able to pay for that period will put us even further in the hole. Our little girl will have no future if we can't find a way to start over...
It may be your 'saving grace' in accounting for the difference in your wife's income returning to normal and having a low enough DMI to be able to file the Chapter 7 that you desire.
Comment