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Recent Means Test questions

This is a chapter 13 question regarding a 122C-2 (former

this is a chapter 13 question regarding a 122C-2 (former B22) issue...The Debtor is over the median. The Debtor pays an amount monthly out of her payroll check to repay a loan which uses her 401K as collateral, the 401K is through her employer. Should: (a) this amount be listed on line 17 of the 122C2 as an involuntary deduction or (b) listed on line 33d as a secured debt. At this time the debtor does not list on her schedules this as a secured debt (sched D and J), but it is listed as a sched I payroll deduction. Thank you in advance for your assistance.

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Terry L.

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Bankruptsy quesiton, ma, not yet, i would like to know if

bankruptsy quesitonJA: What state are you in? It matters because laws vary by location.Customer: maJA: Has anything been filed or reported?Customer: not yetJA: Anything else you want the lawyer to know before I connect you?Customer: i would like to know if rent expenses count as means test

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legalg

Juris Doctorate

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This is a question about Chapter 13. I know you have to

This is a question about Chapter 13. I know you have to include the income of a non-filing spouse on Schedule I to determine household income. Can you claim all of the non-filing's spouses expenses on Schedule J and on the means test? Thank you in advance for your assistance.

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Terry L.

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In considering a Chap 7 filing, have a question relating to

In considering a Chap 7 filing, have a question relating to the "means test".I have been regularly supplementing my monthly expense over income shortfall by taking distributions from my retirement IRA's. Although I am aware that most standard retirement accounts are exempt from being considered as personal assets available to use by a Trustee, I am trying to understand whether distributions from IRA accounts are considered as "income" when qualifying for Chap 7?As an example, if I would take a $3,000 normal (over 65 yrs old) distribution from an IRA each month and deposit it into my checking account for general use to pay expenses, would that be considered as additional income to be used for means testing?

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LawTalk

Attorney at Law

Juris Doctor

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In terms of the means test or debt limit issues in

In terms of the means test or debt limit issues in bankruptcy, does it matter if more than half of the debt is business debt?

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Terry L.

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I live in NJ. I have a house. The value of the house is

I live in NJ. I have a house. The value of the house is around 500,000 and the remaining mortgage is about 320,000. I have been paying the mortgage, but I have credit card debts over 150,000. I want to file bankruptcy to get rid of my credit card debts, but I want to keep my house. Since my income is around 130,000, I know I cannot file Ch7. But can I file Ch13? Thank you.

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Terry L.

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Doctoral Degree

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My wife accumulated a lot of credit card debt and now she

My wife accumulated a lot of credit card debt and now she wants to file chapter 7. How will this relate to me and my assets, inclufing my home which I bought ling before we were married and is only in my name? I'm afraid they will try to go after my sssets.JA: What state are you in? And has anything been officially filed?Customer: California and no, nothing has been filedJA: Has anything been filed in civil court? If so, what?Customer: NothingJA: Anything else you want the lawyer to know before I connect you?Customer: Is there a chargeJA: You just pay a $5 deposit now and the rest only when you get a reply from the Bankruptcy Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: Ok. I also have another question on the same topic

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DrakeLAW

Juris Doctorate

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I am 35 years old and accumulated a bunch of debt for

I am 35 years old and accumulated a bunch of debt for various reasons and can't find a good answer to how to handle going forward. The bankruptcy attorneys I have talked to don't really tell me whether it's a good idea, they just want to charge me and file. A financial adviser is just there to manage wealth, debt settlers just want to consolidate your debt whether it's the best option or not and I am past credit counseling and consolidation at this point. Below are the points of my situation and questions.1. I am in the situation due to house issues, a salary decrease, and health issues so I do qualify for debt settlement. I don't want to do this because I could still get sued for the debt and I would like to just move forward with whatever the solution is.2. I would like to save for emergencies and retirement and can't do that now because I have so much debt and I would also like to buy another house at some point again in my lifetime.3. I make $110,000 a year in salary with about a $10,000 bonus.4. I own a house but can't sell it because I just purchased it in August and would have to bring thousands of dollars that I don't have to close. I can rent it but would still have to pay about $500 a month to make up for the gap between the rent and my mortgage. I do not want to keep it so could let it go in bankruptcy or do a deed in lieu of foreclosure. I don't think I can do a short sale as I don't think I can keep up with the payments as it can take a long time to sell and close.5. If I do bankruptcy, is using an attorney online sufficient or should I find another one local that can be a bit more hands on?6. I have a car that I owe about $25,000 on that I want to keep.7. What kind of financial information do I have to provide to prove I need to file bankruptcy?8. I have about $46,000 in student loans9. I have about $86,000 in personal loans10. I have about $21,000 in credit card debt.

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Terry L.

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Is a loan against a 401K considered a secured loan for

Is a loan against a 401K considered a secured loan for purposes of the means test that allows deductions of creditors listed in Schedule D.

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Terry L.

Partner

Doctoral Degree

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