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Making more money after filing

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  • Making more money after filing

    Im self employed and my income varies a lot each month. What happens after you file and you have a couple of very good months does this become ineligible or do they calculate it by an average from the past 6 months?. The past 6 months I have made below the means test...

  • #2
    I am assuming you will file Chapter 7. Whether you pass the means test will be based on the 6 months prior to the month in which you file. That will not change even if your income increases after you file. However, even if you do pass the means test, the US Trustee can object to discharge based on Schedules I and J if those schedules show enough disposable income to fund a Chap 13. Schedules I and J are supposed to be forward looking. For somebody like you, you need to look at your historical income to determine what your income is likely to be in the future. So, if your income is typically higher than the income in the six months before you file, your disposable income based on Schedules I and J may be higher than on the means test because they should be based on your typical annual income instead of the 6 months that the means test includes.

    "The past 6 months I have made below means test..." That statement leads me to believe that you may not understand that your gross income is only the first part of the means test. If your income in the past 6 months exceeds median income, then you complete the entire means test to determine whether you "pass" based on income and allowed expenses.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #3
      If I am understanding your question correctly, what happens if you have a couple of good months AFTER the petition is filed? Probably nothing. If it stands out as a *big* increase (at the 341) compared to the 6 months you used on the petition, it could look fishy, and they may want to dig deeper to make sure you're not being dishonest / fraudulent.

      One attorney told us my husband could work "as much as he wants" after filing... then as a side note, he said "well, it may be better to wait until after the 341 meeting...". They see copies of your pay stubs up to that point, but after that -- to my knowledge, no one is monitoring your income.

      I assume we are talking about chapter 7. Of course in a chapter 13 you are supposed to let your attorney know if there has been a (long-term) substantial change in your income.

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      • #4
        I didnt have enough money to file but had a good month of sales this month, should I file before the month is over. or is the monthly average calculated over the 6 month period?.

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        • #5
          Whatever month you file in, they use the 6 months prior to figure your income. So if you were to get it filed in November, they would use May-October. If you file in December, they will use June-November.

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