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My monthly income is 600 dollars a month over the allowable…

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My monthly income is 600...
My monthly income is 600 dollars a month over the allowable income for a Chapter 7. How can i still qualify for a Chapter 7
Submitted: 3 years ago.Category: Bankruptcy Law
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Answered in 30 minutes by:
6/4/2015
Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
John A. Flynn, Esq.
Category: Bankruptcy Law
Satisfied Customers: 202
Experience: 14 Years Experience in Bankruptcy - Mid-South Super Lawyer
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You could be asking one of two questions. Either you're saying that your schedule I (income) is $600 higher than your Schedule J (expenses) in which case you have disposable income in that amount, or, as I suspect, you might be asking about the means test. If you're concerned that your past 6 months of income averages $600 per month higher than your State's median income for a household of your size, then the answer is that once you complete the means test, including taking all deductions, you would almost certainly qualify. If you are talking about disposable income on Schedules I and J however, you should probably scrutinize your expenses more closely and make sure you've accounted for absolutely everything you spend money on.
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Customer reply replied 3 years ago
Thanks for your response. I was referring to the means test. In my state the median income for a one person is 4,436. My six month average is 5,000. So basically I would need to have expenses each month that I could deduct that would take me below my states median average?
Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
Not really expenses per se. There are certain deductions you can take on the means test. These would include taxes, deductions for your secured debt payments (house, vehicle, etc), a "vehicle ownership expense" deduction which is a set amount based upon whether you have a vehicle with a note payment on it. I cannot ever remember seeing someone who was only $600 above the median who wasn't well below the median by the time you complete the deductions on the means test. In my opinion though, you should really seek the advice of a bankruptcy attorney in your area to determine this.
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Customer reply replied 3 years ago
Okay. So is food, Gas, etc, apart of the eligible deduction in the means test?
Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
Yes, but the means test includes IRS standard amounts for these. For most categories it is not based on real figures from your life.
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Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
If you could please leave feedback for this question, that would be greatly appreciated. Thank you.
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Customer reply replied 3 years ago
Okay. Will a bankruptcy court order prevent a drivers liscense from being suspended due to being in a accident with no insurance. In Washington, it says theyll suspend your liscense if they fill a judgment may be entered against you. Cant bankruptcy prevent this because the automatic stay will prevent a lawsuit against you.
Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
No, the automatic stay does not prevent license suspension.
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Customer reply replied 3 years ago
I was told by a attorney that the department of Licensing wont suspend your liscense if there notified you filed bankruptcy
Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
They may have a policy where they choose to do that, but it's not because they have to.
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Bankruptcy Lawyer: John A. Flynn, Esq., Attorney replied 3 years ago
If you could please leave feedback for this question, that would be greatly appreciated. Thank you.
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