How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39184
Experience:  Retired (mostly)
Type Your Legal Question Here...
socrateaser is online now
A new question is answered every 9 seconds

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: 6 years ago.
Category: Legal
Expert:  socrateaser replied 6 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.

NOTICE: My goal here is to educate others about the law. I am always available to answer your follow-up questions after you click Accept – however, if you do not click Accept, the website gets paid, and I receive nothing. This is true, even if you are on a subscription plan. So please click Accept, so that I will be able to continue to provide this service for others in the future.

socrateaser and 5 other Legal Specialists are ready to help you