Means calculator

[seanf12]

I was playing around with the Means calculator on legalconsumer.com. On Subpart 5B: Additional Expense Deductions, Line 34, it asks for Health Insurance expense. Is this the amount that is deducted from my paycheck?

Also on line 25, it asks for Monthly Taxes. Is this the amount deducted from my check?

Last question: I plugged in my info, using my income and all of the IRS standards (using nothing extra other than my mortgage payment on line 42), and the payment I come out with is $315. I plug this into my budget, I ened up with a cushion every month og around $660. Does this make sense?

Thanks!

[HHM]

Realize, the means test and your chapter 13 payment are different things. The means test has nothing to do with calculating your actual chapter 13 payment. The means test is simply a test to see if you can pay "something" back to your creditors. But your actual monthly payment is determined by Schedules I and J of your BK petition, i.e. your actual monthly income and expenses.

[seanf12]

Thanks HHM. So when determining whether or not you are eligible for Chapter 7, do they use the Schedule I & j or just the Means test (or both)?

Also, anyone have any experience with a piece of software called Best Case Bankruptcy? Trying to find something that may give me an idea of what my schedules would like, if possible

[MajorMike]

Sean, if you meet with an attorney, they have software that will help you figure this out....