Does changing your filing status on w4 (I think) to add more to take home pay prior to BK affect your status?? Or is it something that should wait until afterwards. I mis calculated in 07 and took out way too much. Thanks!
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If you are under the median income, I don't think this should make much of a difference.
But, when you list your income on Schedule I, the trustee can claim you have a higher income because you are withholding too much. It would really suck to fill out Schedules I and J and have them balance out, then get pushed into a chapter 13 if they decide that you are withholding too much. So, maybe it's best to adjust your withholding and fill out Schedule I with the new withholding amount.
If you want to check what the withholding will be, go to paycheckcity.com and look for the basic calculators. Here, you can enter your income, pay frequency, medical/401k deductions, and exemptions to see what the withholding will be. -
Thanks much Joe, that makes sense it would alter your disposable income. I am also over the median, so I will hold off...crap, I hope the trustee cannot force you to claim an amount that would push you to a 13.Comment
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