Chapter 7.....over median

[VFC]

So, me and the wife would love to go the chapter 7 route BUT we are over the median income ( family of 3) of $68,000.00. We are as of last 6 months at a @ $75,000.00 a year clip.
My question is......can we do anything to qualify for a 7?
5 years under a chapter 13 freaks me out...... we're close so what can we do???

thanks!

[jessegirl]

Yes, you can still qualify for a chapter 7 even if you are over the median. We are WAY over the median and we still qualified. Once they take the deductions that brings your salary down. Go and see a few attorneys and let them do a means test for you. Most attorneys have a free consultations.

[debtmonster]

Did you fill out this on-line means test yet and see if you pass or fail?

Means Testing

I've been worried about the same thing.

My attorney says that I have to stay current on my mortgage and 2 cars in order to pass the means test and those secured items are needs to be part of the test.

I did the test for my state and county and it said I passed even with making almost $60k/yr.

[frontier2005]

Is median income based on Gross or Net income?

[BKParalegal]

Gross

[Dirk Squarejaw]

As a single person, I was about $7k over median and so far so good. I'm about 3 weeks into a "No Asset" chapter 7. A good lawyer can help you with your expenses to make your income appear negative at the end of the month.

[Over our heads]

We are over the median, and dh is expecting a raise, which will put us even more over the media. However, with our expenses, even with a 250$/mnth raise, we will STILL qualify for a 7.

It's all in the expenses.

But look on the bright side (if there is such a thing) 13 means you possibly aren't as bad off as you think you are!

[VFC]

Took means test online (thanks......!)

Just a few questions on what is included in your disposable income:


401k LOAN payments? - mine are automatically taken out of my check and this is manditory.

Cell phone?- how much is allowed?

Cable/Internet?- Could be deemed work related....

Fuel Costs/Gas?- I am forced to work out of town from time to time and with rising fuel costs this really adds up!

Utilities?- My gas and electric are much higher than what is allowed (especially in the summer).

....and lastly- I have a kid in away at college, am I allowed ANYTHING for helping him out ( 'cuz It sure seems to happen a lot)

Thanks a ton- this forum Rocks!

[debtmonster]

Our house is 1500 sq. ft. under air and our electric bill is $90-120/mo. We keep it cold in the house 24/7. How can people get a higher electric bill than us without a swimming pool?

If I were paying $340-500/mo. for heating, then something is VERY WRONG with that house. I would rip out every interior wall and load it jam packed with insulation.

[TEW]

I am over median with 46 days to discharge chapter 7 it's all about your expenses.

[VFC]

Our house is 1500 sq. ft. under air and our electric bill is $90-120/mo. We keep it cold in the house 24/7. How can people get a higher electric bill than us without a swimming pool?

If I were paying $340-500/mo. for heating, then something is VERY WRONG with that house. I would rip out every interior wall and load it jam packed with insulation.

Minimum for us is $125 a month and that's using bare necessities: washer,dryer etc and that's a few months in spring and fall otherwise avg $200 in winter and $300-$350 in summer (115 degree summers)
YES, somethings wrong with the house. Single pane windows, little if ANY insulation, old heater-a/c unit.

So, c'mon over and commence to "rippin'" and "jam packin" would ya!
I'm over extended.

[HHM]

Keep in mind, to be over the median and still file a chapter 7, you need secured debt payments that exceend the allowables and which are considered reasonable.

[texanboy76]

Keep in mind, to be over the median and still file a chapter 7, you need secured debt payments that exceend the allowables and which are considered reasonable.

meaning home mortgage as one of them?

[VFC]

Keep in mind, to be over the median and still file a chapter 7, you need secured debt payments that exceend the allowables and which are considered reasonable.

We rent- $1000mo
2 Cars- $466mo/$18000 Bal, $190mo/$4000 Bal

[debtmonster]

Keep in mind, to be over the median and still file a chapter 7, you need secured debt payments that exceend the allowables and which are considered reasonable.

Yes, that's what my attorney told me.