Passing the Means Test?
Hello All,
I've been reading for the past couple of weeks and thanks to the forum, I've actually gotten to sleep a few of those nights instead of worrying. So, thank you.
Here's a bit of our story. I have so many questions that I barely know where to start. Thank you in advance for any information or advice you might offer.
Out of the blue my husband was recently reorganized out of his job of 21 years. Thanks to severance, he will continue to be paid his regular salary until the end of May. My husband turns 65 in July, so finding a job making his old salary is not going to happen. We are scheduled to talk to retirement (public employess retirement) later this month, but expect him to get about 30% of his old salary, but don't expect that to start for at least September. At the end of May, he'll sign up for Unemployment benefits, but I don't have any idea how much he'll be able to collect. I assume there is a maximum benefit?
I work and make a good salary (59K). We have a 21 year old daughter (she does live with us, will she count as part of the family for the means test?) and a 12 year old son. (Oops!)
Right now, I'm trying to figure out if we can pass the means test for Ohio. If the chart I found is correct, the median income is 77K. I keep reading and reading, but I can't seem to figure out how to do the test.
I would assume that we will make more than 77K when my husband begins receiving retirement. Will unemployment and retirement count as income?
I know that certain things are deducted from the median income number. But, what are those things?
Right now, all bills are current, but there is no way it's going to stay this way. We have no equity in our cars. Very little in our home. I've been trying to see what's considered to be an asset, but I don't really think we have anything other than household goods.
This is all so confusing. We are going to see a bankruptcy attorney and have begun looking. I have learned from this forum though, not to rush into anything. That sometimes waiting is the best thing. I think that is best for us at the moment.
My biggest concern is in trying to find out if we will qualify for a Chapter 7. I do not think a Chapter 13 will be of any help to us at all.
This is all very complicated. I've tried to include helpful information and I hope I haven't tried to say too much. I'll watch the post and try to answer any questions you might have. And, again, I really appreciate any information or advice you might offer.
Thanks.
Sleepless in Ohio
I've been reading for the past couple of weeks and thanks to the forum, I've actually gotten to sleep a few of those nights instead of worrying. So, thank you.
Here's a bit of our story. I have so many questions that I barely know where to start. Thank you in advance for any information or advice you might offer.
Out of the blue my husband was recently reorganized out of his job of 21 years. Thanks to severance, he will continue to be paid his regular salary until the end of May. My husband turns 65 in July, so finding a job making his old salary is not going to happen. We are scheduled to talk to retirement (public employess retirement) later this month, but expect him to get about 30% of his old salary, but don't expect that to start for at least September. At the end of May, he'll sign up for Unemployment benefits, but I don't have any idea how much he'll be able to collect. I assume there is a maximum benefit?
I work and make a good salary (59K). We have a 21 year old daughter (she does live with us, will she count as part of the family for the means test?) and a 12 year old son. (Oops!)
Right now, I'm trying to figure out if we can pass the means test for Ohio. If the chart I found is correct, the median income is 77K. I keep reading and reading, but I can't seem to figure out how to do the test.
I would assume that we will make more than 77K when my husband begins receiving retirement. Will unemployment and retirement count as income?
I know that certain things are deducted from the median income number. But, what are those things?
Right now, all bills are current, but there is no way it's going to stay this way. We have no equity in our cars. Very little in our home. I've been trying to see what's considered to be an asset, but I don't really think we have anything other than household goods.
This is all so confusing. We are going to see a bankruptcy attorney and have begun looking. I have learned from this forum though, not to rush into anything. That sometimes waiting is the best thing. I think that is best for us at the moment.
My biggest concern is in trying to find out if we will qualify for a Chapter 7. I do not think a Chapter 13 will be of any help to us at all.
This is all very complicated. I've tried to include helpful information and I hope I haven't tried to say too much. I'll watch the post and try to answer any questions you might have. And, again, I really appreciate any information or advice you might offer.
Thanks.
Sleepless in Ohio
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