Huge difference in gross income verses net

[2muchcc]

We have a lot taken out of our checks in addition to taxes. How does this effect BK? Will is limit our ability to file ch7?

Let me explain

Me

Pension (not optional they take it and I have no say)
union dues (again not optional)
health insurance
flexible spend account for childcare and health care (health care covers what the very limited insurance does not)

DH

business expenses ...He has business expenses that he is responsible for taken directly from his check, after he pays taxes - he has more expenses the he pays "out of pocket that are not taken from the check. Some times his expenses are more then he brings home.

[HHM]

If the pension is mandatory, ok;
union dues; ok,
health insurance, ok
flexible spend account, not sure (probably ok, but will depend on amount).

Business expenses, probably not ok. (but it depends on the business, I suppose)

When you do your schedules, YOU will be able to back out mandatory expenses like pension, union, etc from gross income. But I don't think your DH will be able to back-out the business expenses from the gross income calculation.

on a side note, what kind of business is this...I guess if I were in your shoes, I would rethink being in a business where your expenses have been routinely exceeding revenue. (but that is just me )

[2muchcc]

Thanks HHM

I cannot tell what he does because everyone reading it would fall out of their chair laughing. He has a branch office but he is not the owner of the branch the firm is. The firm pays some branch expenses and deducts the rest from his check post tax. He has control over some expense but not others.

If we can back out expenses then we will clear the median thingy for series 7 easily, if not then I don't know.

DH is always thinking that it is getting better... anyway that is what he has said for several years. And it did... as did the expenses. He has finally seen what this dream job as truly cost us, and he has started applying for other jobs. This is his dream job with the firm he has wanted to work with since graduating college. He worked so hard to get the job building his resume through other firms and this is a crushing blow to his male ego. We both wanted so badly for him to be successful that we ignored the obvious.

Sorry this got so long.