When is the updated Census Bureau data expected?

[john_smith]

Guys, do you know when is the median income data update expected?
I am just border line, and thinking about filling in 6 months (just got the annual bonus)
But my wife's income pushes us above the median. She makes gross $300/month (net 190). So she is thinking about leaving her job for the next 6 months, so we can qualify for 36 months chapter 13. But it will be nice to know when the updates are coming, because if they update the median income in the next 6 months, and if the median income goes down, then we still may be above the median income even if she quits her job. So if I know the new numbers I can see if it makes sense for her to quit or not.

[optimistic1]

March

[john_smith]

Is this for sure?

[StartingOver08]

Are you thinking that you can not file Ch 7 if you are above median income?

You can if you qualify for a CH7 and that involves the expenses and the income - don't just assume you have to go CH 13 if you are above median. I was above median by about 70k/yr and was able to file a 7 and get discharged successfully.

[optimistic1]

Is this for sure?

Yes this is for sure, look at the history on the usdoj website, they update it every year in feb-mar, as well as other dates.

And Startingover is correct, just because you are below the median, doesnt automatically disqualify you, your expenses are calculated in, and it may still let you file a Ch.7. Just be sure that your Schedule J will also reflect negative or very little disposable income. Some judges will rule based on the totality of circumstances.

[john_smith]

I would like to keep my house, and I will try to file for chapter 13. But I prefer 3 yrs vs 5 yrs. So I need my income to be below the median. But even if I have to go 5 yrs, I guess my payment will be smaller if my wife quit work, since we will have less disposable income. But I have to wait until August-September before I can file since I just got my bonus, because the calcs are using the last 6 months of income to determine the means test and 3yrs vs 5 yrs.

[optimistic1]

I would like to keep my house, and I will try to file for chapter 13. But I prefer 3 yrs vs 5 yrs. So I need my income to be below the median. But even if I have to go 5 yrs, I guess my payment will be smaller if my wife quit work, since we will have less disposable income. But I have to wait until August-September before I can file since I just got my bonus, because the calcs are using the last 6 months of income to determine the means test and 3yrs vs 5 yrs.

In light of the economic situation, the median income in your particular state may in fact decrease rather than increase. If your plan ends up being 5 years long, just try to maximize your expenses so that you can have a smaller plan payment. The IRS standards are only used for over median filers so that they do not exceed them, but you can still propose a plan. Believe me, I want a 3 year too, I have to wait until my first child is born to do so. Honestly, I am very nervous about the whole idea of starting a family in these times, they just sent a letter to my wife that they might be laying her off soon, that would devastate our plan on filing a 13, and we would most likely just lose our house, and start renting again.

[john_smith]

In the light of what you just said I guess it hard to be the optimistic1. But you are doing a great job, and also helping others. Thanks.

[optimistic1]

You could always have another baby and then qualify.

As sad as it is, this is what I figured.

I could never afford to actually start a family because of the stupid credit cards.

So I told myself, I either need to develop a serious budget, and maybe have kids in 5-10 years.

Or have a baby now, and just blow off the credit cards and file BK, start my life, start a family and be happy.

I chose to start a family and stop being a slave.

Im sorry the news is not good, but we will see soon what the median does, hopefully it increases or stays the same, and hopefully my wife keeps her job.

But I know, that I will always provide food and shelter for my wife no matter what, and if we have to give up the house, so be it.

The county assessors office just released the value of our house, its worth 66k, we owe almost 166k, so if we do a deed in lieu of foreclosure, good riddens.

[john_smith]

Good plan.
I think they are ready to release the new numbers as of 3/15/2009.
When I go to this link http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm only using FireFox some times I can see in the dropdown box : [10/01/2008 to 3/14/2009, Inclusive], and also [3/15/2009 or After].