Question Ok ?

[rjk]

I took the means test for the state of Louisana and plugged in the amounts and standard exemptions for the state and parrish.
I am coming out with negatives that I have no disposal income. Is this possible? I was very truthful on amounts. I used the standard amounts that the IRS standards give. If that is the case would that mean that I would quailify for Chap 7 instead. The first attorney gave us a quick amount of payments for Chap 13 but never asked about anything that was on the means test. We are going to another soon and I have a list of questions.

We can not use Fed nor do we have a wild card. We do own or at least the bank a house one car paid and the other we have less than a year. We have about 65000 in unsecure debt CC . Also my mother lived with us and we supported her before she died. Paid for funeral and many co pays.

Any help would be great.

rjk

[ValleYum]

Hello!!

The Means Test is the first step to being able to file a Chapter 7 bankruptcy.

Were you under the median income for Louisiana? Is your gross monthly income $3,892 or less?

If you are over $3,892 and have negative numbers at the end of the Means Test that is a positive sign for you being able to file a Chapter 7.

Next, you have to fill out Schedules I and J to show your income and expenses. Hopefully this will show disposable income of less than ~$195 per month. If you have questions about expenses, a lot of folks here can certainly help point out expenses you may have missed or those that may raise an eyebrow by the Trustee.

I am so sorry about your losing your momma. Emotional loss coupled with financial issues is so stressful. {{{hugs}}}

Keep reading, asking questions and talking to attorneys!! Good luck.

[justbroke]

You want it to be negative! It's so strange, when we actually put our budget on paper, that we are actually running negative. I was running about $500/month negative and was using credit as a crutch to keep one of my investment properties going. I didn't realize this was happening until my credit card payments alone were over $3,000/month.

Personally, I'd find 3-4 attorneys in your area that specialize in Chapter 7. If you really have negative DMI, you should be able to file Chapter 7. However, if you are trying to save property -- such as a home -- you may need to use Chapter 13 do reorganize your debts.

[ValleYum]

However, if you are trying to save property -- such as a home -- you may need to use Chapter 13 do reorganize your debts.

Arrgghh... I always forget to mention this and it is so important!!

Okay, I am making a mental note... hmmm, with my memory will that even help?? LOLOLOL

Thanks JB!