means test
Hello! I'm new here, and I just wanted to say first I am so glad I found this website. All the other placed I've found, the people look down on you and criticize you for bankruptcy, so being able to ask questions here is very exciting!
Our situation is that we moved out of our house about an hour in a half away from the city, to move back into the city, because I have 2 jobs and school full time here and my husband works and goes to school here so with gas prices going up we couldnt afford the house any longer. We tried to sell etc, so it is going into forclosure, thus the bankcruptcy, for that and the 20,000 loc.
Now my question is filing out the test, would I put my rent deduction as 1035 (because that is what our rent is in the city), and then in the debt part put the monthly payments of 1140 and 330, for the house and loc? If I do that we of course have a negative income per month. But if they dont count the mortgage and loc then we're about 800 extra a month in income. I read somewhere that to do a chapter 13, we'd have to be able to pay the normal payments on them in 5 years. We dont have the income to do that, so would it be chapter 7?
We have an appiontment tomorow with a lawyer, its just that I'm impatient to know if we qaulify I guess for 7 or 13! Thank you in advance.
Christina
Our situation is that we moved out of our house about an hour in a half away from the city, to move back into the city, because I have 2 jobs and school full time here and my husband works and goes to school here so with gas prices going up we couldnt afford the house any longer. We tried to sell etc, so it is going into forclosure, thus the bankcruptcy, for that and the 20,000 loc.
Now my question is filing out the test, would I put my rent deduction as 1035 (because that is what our rent is in the city), and then in the debt part put the monthly payments of 1140 and 330, for the house and loc? If I do that we of course have a negative income per month. But if they dont count the mortgage and loc then we're about 800 extra a month in income. I read somewhere that to do a chapter 13, we'd have to be able to pay the normal payments on them in 5 years. We dont have the income to do that, so would it be chapter 7?
We have an appiontment tomorow with a lawyer, its just that I'm impatient to know if we qaulify I guess for 7 or 13! Thank you in advance.
Christina