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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2820
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Our question is fairly complicated. WE currently live in

Customer Question

Our question is fairly complicated. WE currently live in Missouri and oth work full time, making decent salries. However, we barley make it by because we have alot of debt. We are planning on moving to florida in June to be closer to his parents, as they are in their eighties. Our plan is to file bankruptcy before we leave. However, we will both be quitting our jobs to make the move. Does this disqualify us for filing because we quit our jobs as opposed to loosing our jobs?
JA: OK. The Bankruptcy Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: WE saw one some time back but was told that our salaries were too high to qualify for a chapter 7.
JA: Is there anything else the Bankruptcy Lawyer should be aware of?
Customer: I guess the only other question is that if we are going to be able to file in the next couple months, do we keep paying credit card bills in the mean time?
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Bankruptcy Lawyer about your situation and then connect you two.
Submitted: 9 months ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 9 months ago.

hi and thanks for your question

Expert:  Terry L. replied 9 months ago.

The income that is used, is all income received in the 6 previous months before the bankruptcy is filed. You will use this to complete a form, called the means test.

You can deduct taxes, insurance, and other variable expenses, then you get a set amount for household size and location for such things as housing, transportation, groceries etc. The final result will tell you if you satisfy the means test calculation to get into a chapter 7. So, if the income is high, you may need to wait several months until you have an average lower income to pass the means test for chapter 7.

You can find a link to the means test form on the bankruptcy court website from your area. Let me know if you have any further questions. Thank you.

Customer: replied 9 months ago.
in reality quitting our jobs doesn't affect the possibility of filing? It's just that we would have to wait longer until enough time passed?
Also, in the mean time, is it best to continue to pay o credit card bills or does it really matter? Of course if we quit jobs we won's have the money to pay on them anyway.
Expert:  Terry L. replied 9 months ago.

it could help, but it would depend on how close to passing the test you are/were. You may have to wait several months, depending on what your income was. If you are definitely filing, I would not pay debts you wished to discharge, unless there was recent usage on them. your attorney can advise you to pay or not, but the answer is 'not' in most cases. Thanks

Customer: replied 9 months ago.
Great thanks for your help.
Expert:  Terry L. replied 9 months ago.

you are welcome. please rate my answer and best of luck to you!

Expert:  Terry L. replied 9 months ago.

question is still showing open. Please rate answer for it to close. thanks

Expert:  Terry L. replied 9 months ago.

question is still showing open. Please rate answer for it to close. thanks