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When does income limit for Chptr 7 begin/end?

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    #1

    When does income limit for Chptr 7 begin/end?

    Been proceeding towards filing Chapter7 after I get my tax refund back in '07. I just got a decent new job and I'll be making more than chptr 7 allows. (Its like 30k or so, right?) It will take 6 mos for me to gross 30k - if I can keep the job. Even with the new job, I can't meet my expenses and need BK to start over.

    So I'm wondering if the court looks at how much I COULD make in the year I'm filing (new job and all) or how much I've made in the last few years and up to the hearing date? (really dismal income)
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    #2
    The Median in CA for one person is $43,107/year. Will your new job base pay be more than that?
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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      #3
      Your income will based on the six months before you file your BK petition.

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        #4
        Hello Sinking Do they go by just your base pay? if you have overtime included over the last several months, but no longer have that..do they take that into consideration?

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          #5
          Originally posted by pambysue View Post
          Hello Sinking Do they go by just your base pay? if you have overtime included over the last several months, but no longer have that..do they take that into consideration?
          Yes, they go by your gross income for the 6 months prior to you filing BK. So if you have overtime, bonuses etc, during that time, it is included in the overall calculation. .

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