Do you think I'll have a no asset CH. 7?

[LifeNLemons]

I am filing on a jointly owned home that my soon to be ex-husband lives in and hasn't paid the mortgage on in 4 months. I am surrendering my joint car with a HUGE payment. I basically own the clothes on my back, a dresser and a bunk bed. I'm just wondering how that works. Does anyone have experience with this?

[keepmine]

If all you own are personal possessins, you are definitely no asset. The only possible issue is, will your trustee want a portion of any tax refund or, do you have enough unused exemptions to cover it.

[SinkingFast]

What State are you filing in, Life?? And how many in your household??

We can help you with your Exemptions and the Median for your family size.

[LifeNLemons]

SinkingFast - First of all, thanks!

I'm in Nevada, and I have 3 kids, so we're a family of 4. I make $37380 per year and received an average of $235 per month in child support over the last 6 months. I'm court order to received about $1500 a month in child support, so if I actually got it I'd have $55350 a year.

[SinkingFast]

The Median Income for a family of 4 in Nevada is $66,095. So you're well below that with or without the Child Support you're supposed to receive.

Here's the link for the Current Means Testing information:

http://www.usdoj.gov/ust/eo/bapcpa/2...anstesting.htm

You can check on allowables for food, rent/mortgage, transportation and such for your specific area. That should give you target numbers to feel for in the way of Schedule J expenses you might expect to get.

Here's a link to Nevada BK Exemptions:

http://www.bankruptcyinformation.com/NV_exemp.htm

That's assets you're allowed to keep to begin your fresh financial start.

$3K for household goods doesn't sound like much, but it's really OK. Keep in mind,......... You value according to how you'd replace your things with like items. Where would you buy an 8 year old sofa?? Garage sales, Yard sales, 2nd hand stores.

If you own your own home, you can Exempt $125K in equity. Pretty generous.

The only thing that looks squeaky is the Vehicle Exemption. $1500, unless it's been equipped for the mobility of a disabled person.

HTH. Hope this helps!