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Estimated montly gross income

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  • Estimated montly gross income

    Im trying to file chapter 7 on my own for the means test I understand how to caculate but for chapter I I need a estimate for current I'm payed hourly bi-weekly and my hours have been cut Alot the past couple months anyway my question is can i use my current 2 paystubs to get to the number for gross and taxes on form I .. thanks

  • #2
    If your pay fluctuates that much, then you need to use the average. Are your hours permanently cut, or is this seasonal/temporary? Only you will be able to find the correct value, but you would average your income and project it forward. I would try to use more than just 2 paystubs, because the Trustee is going to ask for your last 3 months (at least). So use at least 3 months worth of paystubs.

    On the last page of Schedule I, you can put a comment as to whether the income will change and you can also write in the reason.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      It fluctuates one week can be 32 one 37 40 etc but the last 4 months have been 32 / 37 I've been using pto time to make up for lost time which has increased my actually take home but I'm almost out of extra time to use, so two month average will work ? My paystub reflect the actual hours and pto time used and my schedule can prove the hour reduction for the next month out, using past stubs as a reference as income will be inflated Alot due to using a lot of pto time and may not qualify me for 7 because it's showing extra income a month that I will not have moving forward .. thanks

      Comment


      • #4
        I would use, as I wrote, 3 months since that is what your Trustee will look at. I would also, as I wrote, make a notation on the last page that the income reflected may be less because your employer has been giving you fewer hours.

        If you're that close to not qualifying for a Chapter 7 and you're filing Pro Se, then you may need to consider filing with an attorney. If you're significantly under the median income it is less likely they will scrutinize your petition. If you are close (or over) they are going to look and going to ask questions.

        With what you wrote, that you're using PTO to keep you at 40 hours, then your income is reflecting 40 hours a week (period). I can't give you any legal advice on how you maneuver around that issue. Your take home pay is your take home pay, is your take home pay. The Trustee is not looking to see whether or not you used "paid time off" (vacation/sick accrued time) to keep your pay the same. The fact is, your pay hasn't fluctuated if you've been using PTO to keep it normal.

        I would not know how to argue that fact. Maybe despritfreya has a suggestion, but I do not.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Thanks so much for your help, I'm well below the state median but do to the extra pto time it's showing I've used the last few months I have about 200 left after expensees (which I dont) and after some research I feel it may be converted to 13 .

          Comment


          • #6
            Since you are using your vacation time to supplement your income, you seem to "not" be well below the state median. Remember, that the Trustee is looking at your bottom line on your paystub, not that you're using PTO.

            If you don't already have a resource book for filing Chapter 7, I would go find one, such as NoLo's guide to filing bankruptcy. Additionally, you may need to wait to file so that the income rolls off (if you stop using PTO).

            Your issue is simply you have too much income. You want to file because you know your PTO will run out, but your PTO is specifically what's keeping your income inflated and normalized.

            Also, please realize that in some districts, accrued and unused PTO is an asset.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              My states median is 42,019 my yearly is in the low 20's so yea I'm way below that but it's the scedule I monthly that's has me with extra income after expenses that I don't have, I'll have to look into the pto I currently have I would still like to take a vacation at some point just to get away from work at least Ive used over 100 extra hours the past 6 months this is years of work earned time..

              Comment


              • #8
                You need to look at more expenses that you are not accounting for. Even though Schedule J shows certain expenses, there are things that you have not included. Search around this forum for ideas of things people miss in their expenses (easily overlooked). For example, Schedule J has nothing for personal care, haircuts, etc. You have to put them in under miscellaneous of another category. There are a bunch of things we never think of (soap, shampoo, down to q-tips and aspirin) but are essential.

                You'll need to take a deep and more thorough glance!
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog


                I am not an attorney. Any advice provided is not legal advice.

                Comment


                • #9
                  Another quick question, for exemptions like my home can I use the same exemtion law code more than one time to cover say a detached Rubbermaid shed as long as it isn't over the value of the exemption I live in WV and we have a wildcard exemption but wanted to use that for the money in my bank account (wages) ...

                  Comment


                  • #10
                    If a shed is considered real property in your State, then you could use a homestead exemption. Otherwise, it is probably just any other property and should be covered by a.) an unused homestead exemption if allowed in your State, or b.) a wildcard property exemption for any property.

                    Unfortunately that's a legal question, of what defines "real property" in WV, that I just can't answer.
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog


                    I am not an attorney. Any advice provided is not legal advice.

                    Comment


                    • #11
                      Thanks a lot for your input, I've spent weeks searching and the more I search the more question come up, kinda scary but for exemptions the code says any remainder of homestead can be used for any asset so can I use the homestead law code for multiple exemptions up too the amount, example I use it for home then any pto time listed as a asset and one more exemption up to the amount of the exemption? My state also has a wildcard of $800 for anything but also states or any unused homestead. Are the two separate or do I use the wildcard for the left over amount.. sorry to ask so much but I'm sure this may help someone else and I'll deff keep posted on how it works out.
                      Homestead Real or personal property used as residence to $25,000; unused portion of homestead may be applied to any property 38-10-4(a)
                      Wild Card $800 of any property

                      Unused portion of homestead or burial exemption, of any property
                      38-10-4(e)

                      38-10-4(e)

                      Comment


                      • #12
                        That's known as an "unused" homestead exemption which I listed earlier. You can use any exemption up to its value unless it restricts it to one item. I can't tell you specifically which to use, but your Wild Card seems to be $800 plus the "unused portion of homestead or burial exemption" for any property.

                        So, if you used $5,000 to cover equity in your home (under 38-10-4(e), then your total wildcard would be $800 + $20,000 = $20,800. You could use that $20,800 to exempt other property under 38-10-4(e). However, make sure that there is not an exception for money in 38-10-4(e) if you're going to use it to exempt cash (in bank or on hand). That's the finer "legal" part of the equation that I can't answer.

                        Are you using a guidebook such as NoLo's How to File for Chapter 7 Bankruptcy?f

                        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                        Status: (Auto) Discharged and Closed! 5/10
                        Visit My BKForum Blog: justbroke's Blog


                        I am not an attorney. Any advice provided is not legal advice.

                        Comment


                        • #13
                          So I can usend the homested exemption as many times as I needed up to the limit ? Like any amount the vehicle exemption doesn't cover plus other property until I've reached the the amount

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