Well, I inputed our numbers into the online Means Test on NOLO's website. It was very interesting.
I had a couple of bonuses ($100 here, $200 there) and I picked up two extra shifts at work. That is not the norm for me. Anyway, that extra money (which we were grateful for at the time) has pushed us over the median income. We are around $1,900 over. I did the Means Test two ways. First with the actual income. And, then the second time with what is my usual annual income. We were over with the first and under with the second. I thought for sure on the first Means Test we would be not eligible for chapter 7. However, it showed that based on our DMI that we were still eligible. That seemed odd to me, but then I don't understand the math. I think I only added like an extra $50 more for mortgage because of the extra we pay our HOA and then I added child care at around $300.
I am not holding my breath though that our Attorney will think a 7 will work for us since our income was too high. But, is it worth it to ask our attorney if we can "try" to file a 7? I am thinking that the worst case scenerio would be having to convert to a 13, but we are becoming more and more ok with that idea.
Any thoughts? Has anyone else been over the median income, yet their DMI put them into Chapter 7 territory and had a succesful Chap 7?
Thank you!
I had a couple of bonuses ($100 here, $200 there) and I picked up two extra shifts at work. That is not the norm for me. Anyway, that extra money (which we were grateful for at the time) has pushed us over the median income. We are around $1,900 over. I did the Means Test two ways. First with the actual income. And, then the second time with what is my usual annual income. We were over with the first and under with the second. I thought for sure on the first Means Test we would be not eligible for chapter 7. However, it showed that based on our DMI that we were still eligible. That seemed odd to me, but then I don't understand the math. I think I only added like an extra $50 more for mortgage because of the extra we pay our HOA and then I added child care at around $300.
I am not holding my breath though that our Attorney will think a 7 will work for us since our income was too high. But, is it worth it to ask our attorney if we can "try" to file a 7? I am thinking that the worst case scenerio would be having to convert to a 13, but we are becoming more and more ok with that idea.
Any thoughts? Has anyone else been over the median income, yet their DMI put them into Chapter 7 territory and had a succesful Chap 7?
Thank you!