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socrateaser, Lawyer
Category: Legal
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Experience:  Retired (mostly)
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If I am reading it right, the instructions for the Means Tests

Resolved Question:

If I am reading it right, the instructions for the Means Tests says to take your current balance of your mortgage and divide it by 60, and that amount is an allowable monthly expense when calculating the test (this would be double what I am actually paying). Is that correct, or do I just include the amount that I am actually paying on my mortgage?
Submitted: 5 years ago.
Category: Legal
Expert:  socrateaser replied 5 years ago.
The average monthly payment is the total of all secured payments due in the 60 months after the bankruptcy is filed divided by 60. If you will own nothing but a fixed-mortgage payment during the next 60 months, rather than, for example, a balloon payment, escrow increase, or increased payment due to a known rate adjustment, then your payment would be your mortgage payment. But, if there are known changes to your payment during the next 60 months, then add all of the know payments together and divide by 60.

Hope this helps.

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