How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask cfortunato Your Own Question

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

OK. I understand then that I cannot use the business losses

Resolved Question:

OK. I understand then that I cannot use the business losses to qualify me for ch 7, I have just agreed to resign my job in return for weeks of severance pay (weekly salary for 4wks) and a check for 3 wks. unused vacation pay. Now that I do not have a job right now, and even though my wife and I had salary income exceeding $120k over the last 12 months, now that I do'nt official have a job, would the court allow me to file ch other words, what do they consider my income level to be, respective to ch 7 consideration: what it was forthe last 12 months?; or YTD?; or 2010 tax year?...and, say I file ch 7 on 7/10 and on 7/10 I don't have a job; then on 7/15, before the first hearing, I get a job, what then? do they consider that new income amount that is effective with the new job beginning 7/15, and then disqualfiy my ch 7 because I would be earning too much?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi again,

How many are in your household?

Customer: replied 3 years ago.

Well, that is a good question. I am in the process of filing my tax return for 2010 (extension). I have a wife and four children and file a joint return, and although that is so, my accountant is recommending that this year my 2 boys (ages 24 and 22, not married and full time students but with co-op income), cpa says they should file amended returns for 2010 showing them independent since there is no real consequence to my return and a benefit for them (eligible for better return $ by filing as independents). When I just now called her to ask this question from you, I told her I was considering filing bk and she said that I should ask if, under a bk filing, it might be better if the boys don't make the change and if I do file bk, would that be a better benefit to me and my wife in bk. (them not filing as independent). (Note: cpa also said that just because they may file as independent, that may not necessarily mean they are indeed excluded as household members. They do have college loans and pay there own rent on campus.) My girls (other 2 kids) definitely are part of the household along with me and my wife.

Expert:  cfortunato replied 3 years ago.

Do the college students live with you during the summer recess?

Customer: replied 3 years ago.
Expert:  cfortunato replied 3 years ago.

Then the college students would be considered to be part of your household for Bankruptcy purposes.

With a household of 6, you are allowed to have a net gross monthly income of $6,052 ($72,624 annual gross income) at the time of filing. The court determines this by averaging your gross monthly income for the 6 months prior to filing.

When you file, you are asked if you anticipate your income to increase within the 12 months after you file. "Anticipation" means anticipation of an actual job, not the possibility that you might find work. At the trustee meeting (one month after filing), you will be asked if anything has changed since you filed your Bankruptcy. If you answered "no" to anticipating an increase in income, and also answer "no" to the question about changes, that is the end of the inquiry. (There is no duty on the part of the Bankruptcy filer to notify the Bankruptcy court - after the trustee meeting - if his or her income increases in the following year.)


Again, I think this is what you wanted to know. If not, please let me know.

Thank you!


cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK

Meet The Experts:

  • FiveStarLaw


    Satisfied Customers:

    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • FiveStarLaw's Avatar



    Satisfied Customers:

    Bankruptcy Lawyer. Experienced.
  • Terry L.'s Avatar

    Terry L.


    Satisfied Customers:

    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • Phillips Esq.'s Avatar

    Phillips Esq.


    Satisfied Customers:

    B.A.; M.B.A.; J.D.
  • cortrightlaw's Avatar



    Satisfied Customers:

    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • JoeLawyer's Avatar



    Satisfied Customers:

    Attorney in the practice of Bankruptcy Law since 1996
  • dylatess's Avatar



    Satisfied Customers:

    35 plus years of experience specializing in bankruptcy law
  • Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    Twelve years experience in all aspects of debtor & creditor BK.

Related Bankruptcy Law Questions