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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Our joint income from our pensions is $105,000.We are underwater

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Our joint income from our pensions is $105,000.We are underwater with our 2 home mortgages,auto loan,and credit card debt $75,000.Do we have any hope of passing the Florida means test so that we can file Chapter 7 bankruptcy?In Florida the median joint income is $52,000
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
he definition of current monthly income does not include social security (but does include other kinds of pension/disability income). However, MANY PEOPLE EXCEED THE MEDIAN INCOME BUT PASS THE MEANS TEST. It requires careful income analysis, from a good lawyer and knowledge of the allowed expenses and deductions, knowledge of types of debt including priority and non-priority unsecured debt, and what is allowed secured debt.
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