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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17124
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hello, I live in CT and my wife lives in OK. We will

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I live in CT and my wife lives in OK. We will be filing Chapter 7 "Married- not filing jointly. My kids live with my wife and I was going to count them as dependants on my filing. She was not going to count them as dependants on hers. She did a premature distribution of her IRA so we could make ends meet. Also she worked for a short time. Do I have to count those amounts as household income on my filing?
Thank You


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


Why do you live in separate states?

Does she provide any money for you?

Do you share expenses?


Massive debt caused me to look for a better paying job. Wife is in grad school there. Teenage daughters settled there. Almost 2 yrs since I moved up here. We are not legally separated at this point but are talking about divorce.

When she was working, all of her income was going toward debt that we share.

Yes we share expenses and have joint checking accounts


Under the bankruptcy law you are to list all household income, you could file using your income only as your current household does not include her, however since you do share expenses, you would have to list her income, if she had taken out money recently from her IRA it would be her income, but the bankruptcy filing requires her monthly average income, so you can divide the amount by 12.


OK. What I need to do at this point is wait a few more months to get her income and distribution out of that 6 month window. Thank you.


Yes, or you can file separated especially if you are not living together for over one year.


Thank you Sir. Good info.

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