Has anyone been able to file ch 7 with above median income

[indebt00]

with the new laws. We filled out the means test and have negative income left. We really need the help of a ch 7, not a ch13. our bills are more than our income.....and a ch 13 payment would keep us in the negative.

so has anyone been successful in getting a ch 7 with income over the median for your state? that is our biggest problem.

thanks !!

[anonymuse]

Lots of people file Chapter 7 and are above the median income for their state. That's where the means test comes into play--to decide if you have enough disposable income left after essentials to put into a Ch 13 program. When you come up negative, then you obviously don't have any disposable income!

Are you trying to keep a house? a car?

[indebt00]

We would definately keep the house and 2 leased cars. We are not late at all.

[anonymuse]

First step is the means test. Then, you need to look at the exemptions for your state to make sure all of your assets are protected under the exemptions.

[indebt00]

the means test showed us $500 in the negative a month and I was very conservative on my deductions.
I think we are fine with all the AZ limits...but I still am not sure on the timeshare.
thanks !!

[anonymuse]

Not to pry, but how much do you put into a timeshare a month/year? (I'm not sure how it works). I don't think it would fall under a homestead exemption; but not sure what its worth. I thought they used to be a really big deal, but I remember my father saying that his sister couldn't hardly get anything for hers. I guess location has a lot to do with it. And, the other consideration, can you afford to keep it knowing that you're already overspending $500 per month?