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The bk pre-planning thread

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  • #61
    This forum has been great to gather information. I need to start planning now for my eventual bankruptcy filing in about 6 to 12 months.

    I am married and will be filing alone. Have 2 kids. Wife is a college student and doesn't work. One child goes to daycare and the other to kindergarten in a private school where I work at. I make $72,500 per year. We lease two vehicles. I use one for work and she uses the other one. Mortgage on house and live in Buffalo, Erie County, NY.

    Here are some of the things I'm trying to clear up. I have about 6 months to a year to fix any of these issues before filing.
    If I don't reaffirm the car leases and try to ride through, will I still be able to use the lease payment amounts as transportation expense?
    Will I be able to justify two cars needed even though wife doesn't work but goes to school and takes kids to school and back?
    How will the daycare and private school be looked at? I work at the private school so I get a deep discount of 70%.
    Spouse will be losing her coverage through medicare and will be coming onto my employer health plan. Will that expense be allowed even though she is not filing?
    I pay my wife's credit card because she uses it for grocery shopping and we don't have any mixed accounts. Will this be an issue?
    How will my tax refund play into the whole calculation for the means test? I expect to receive a refund of roughly 5k, which is what we receive every year.
    Are estimated expenses ok? My current spending is not realistic long term. I will need to get a new roof (3 layers and leaking), new AC for next summer, change the plumbing due to leaks, and clogged waste pipes that need to be cleared 2x per year (i know, fun).

    Below is the information I have gathered for the i and j test. Some are actual expense, but some are estimated due to putting off machinate items and dental costs. Some of the items, such as the housing expense, food expense, and medical expense are higher than average expenses listed on the irs website. Would someone be able to take a look and let me know possible issues with it?

    Gross Wages: 6,042
    Deductions
    Tax: 1,178
    401k 242
    Insurance 131 (will be going up to 1,100 once wife moves into plan)
    Child's Tuition 385
    Total Take Home 4,107

    Expenses
    Mortgage 1,185
    Main/Upkeep 350 (will need roof, leaky plumbing, continually cleaning sewage lines, and very old AC)
    Elec/Heat/Gas 153
    Water 60
    Cell Phone/Internet 210
    Food and Housekeeping 943
    Child Care 1,050 (will this be allowed? wife doesn't work but is a full time student. She will not be filing with me)
    Clothing/Laundry 230
    Personal Care/Services 60
    Medical and Dental Exp 300 (we have put off a lot of dental work. Need root canals and extractions for impacted teeth)
    Transportation 325 (120 gas, 700 per year per tires, and 30/month on maint)
    Auto Insurance 190
    Kids clubs, books, entert. 150
    Charitable Donations 100
    Lease Car 1 332 (will not reaffirm but will attempt ride through)
    Lease Car 2 159 (will not reaffirm but will attempt ride through)

    Total Expenses 5,796

    Monthly Net Income (1,689)


    Thanks so much to everyone in here. This is a great informative place.

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