DMI income for the self employed

[BKman]

Sorry if I keep asking the same type of questions. Being self employed I don't know how I'm going to make this work. I don't get paid every month. I got paid in July and Nov of this year. My attorney is going to use that for my chapter 13 payment plan. Dec I'm going to have 3 jobs close. I have nothing lined up for Jan/Feb. Does anyone know if they will ask for all of my money and leave me nothing for Jan, Feb? Or do you think they will just want a larger monthly payment? Or maybe just want to see what I earn in the next few months? Attorney says to just deduct as much as I can on my profit and loss. That's not a very good answer.

I was told I should get my file letter in a few weeks and them Jan or Feb have my meeting.

If anyone has any ideas on this.........

[forgotten]

Your income will be based on your last 6 months.
Lets say (for easy math) you got paid $10k in July and $10k in November.

Your average income is now $1666/mo, your payments will be based upon that number as your income.

Since you are self employed you will probably be asked to provide ongoing documentation and P&L statements. As long as your income doesn't go up by more than about 10% you should not have anyone pushing to raise your payments. If next year you make $70k however, since you payments were based on $40k income you can expect a raise in your payment amount.

It is not easy to do a 13 being self employeed... my wife had to make the decision to shut down her business and obtain full time regular work in order to make our 13 work. I wish you all the luck!

[BKman]

Thank you for your answer. July I made $4190.40 and Nov I made $3402.00 so my average was $1265 a month. My jobs for Dec will if they get done gross me $11,259. I'm just worried that when I go to my 341 meeting they will see that and ask for all of that money. Jan is shot and nothing for Feb so I'm thinking that if by July 1st I'm still in the hole I will convert to a 7. A fulltime day job is out because I watch my son during the day and I have had no luck with a night job.

[forgotten]

Thank you for your answer. July I made $4190.40 and Nov I made $3402.00 so my average was $1265 a month. My jobs for Dec will if they get done gross me $11,259. I'm just worried that when I go to my 341 meeting they will see that and ask for all of that money. Jan is shot and nothing for Feb so I'm thinking that if by July 1st I'm still in the hole I will convert to a 7. A fulltime day job is out because I watch my son during the day and I have had no luck with a night job.

Is there a reason you don't qualify for a 7 right now?

[BKman]

My wife cashed out her stock in September to cover bills. That put us over the limit. With what I may earn in Dec that puts me way over the limit. April would clear her off but Dec keeps me high. Thats why I know that if next year is anything like this year (took me til May to get my first income of 2009) I will be under the limit to change to a 7. I just have to make it that long.