What do you think...

[Amy26]

Oh I see... I guess I wasn't getting it before... 23k for the six month look back. Gotchya... so yes, I agree with you now. He's over. To put it in perspective... I've made like 6k in the last 6 months.

[hopeforus]

Unless I am totally confused here.

[hopeforus]

Is it different per state? I know in my state the look back period is six months prior and whatever you made in that six months they multiple it by 12... he's made 30k total this year... so you'd have to figure out what that is per month and then multiply it by 12 right?

Course I'm really crappy with math.

I was going by the fact that when I look up NY,NY (because I didn't know the zipcode for Long Island) at legalconsumer.com it says a single person can make 23k in 6mos as the median. He said he already made 30k. So his 6mos look back is already over what it says for the median.

[Amy26]

Is it different per state? I know in my state the look back period is six months prior and whatever you made in that six months they multiple it by 12... he's made 30k total this year... so you'd have to figure out what that is per month and then multiply it by 12 right?

Course I'm really crappy with math.

[25andbroke]

I just checked for New York, NY and for one person the median is $23,262. You are already way over that...

Bk is based on past history not future. Like other things in life the money coming in is not 100% things can happen vendors can back out.
These are my exp:

Net income after taxes 3160
08 taxes 55k
07 taxes 64k
06 taxes 45k

Rent 1375
Auto 578
S4tudent 127
Electric 60
Phone cable internet 137
Cell phone 120
Auto maintence and gas 200
Medical 88
Tobbacco 160
Food 300
Personal grooming 20
Laundry dry cleaning 100
Dog food vet 30
Insurance 45

[hopeforus]

the median is 45K for a year, he's made 30K in 6 months, so it would put him at 60K for a year, way over.

See that's what I'm saying too. I don't understand where it says he can make 45k in 6mos for the median... I'm seeing a much lower number.

[hopeforus]

6 months. He said he's only made 30k so far this year. Since he's in sales, its commission based so he's not salaried.

So for a single person he can make 90k for the year? That seems really high. The figure I saw was 23k for 6mos in NY,NY.

[ecsclb1724]

Isn't that for a year though? He's already made over the 6mos amount hasn't he?

the median is 45K for a year, he's made 30K in 6 months, so it would put him at 60K for a year, way over.

[Amy26]

Isn't that for a year though? He's already made over the 6mos amount hasn't he?

6 months. He said he's only made 30k so far this year. Since he's in sales, its commission based so he's not salaried.

[Amy26]

You are correct poo... I am in the same boat he is. My median for the last 6 months is way under but if I filed months from now I would be over the median. My qualm with it is more of an ethical one. If I was about to get a large check like that, I personally couldn't ethically file ... but that's just me.

[hopeforus]

Isn't that for a year though? He's already made over the 6mos amount hasn't he?

[pookieny]

NY state median is $45,525 for a single. I thought the look back for income is 6 months before your file date and not based on future earnings? Could be wrong? Is the OP legally ok to file before he recieves a commission check?

[hopeforus]

I just checked for New York, NY and for one person the median is $23,262. You are already way over that...

[hopeforus]

I honestly think it's kind of ridiculous to file when you are expecting so much money in the next few months. For just one person ... you shouldn't have that many expenses. I can't imagine how you won't be pushed into a chapter 13. What is the median income where you live for a chapter 7? If you are expecting 14k right after you file then more checks like that soon after... why can't you use those checks to pay your debt? Can't you give up your 25k car for something cheaper? I guess I don't understand at all. You are only one person and made 30k so far this year. How do you think you will get a chapter 7?

[25andbroke]

my husband and I live on 60K a year (nicely too, well after BK). $1250 mortgage, $650 babysitting, about 18K EACH in student loans.

To be honest, I say don't file and chop your budget. Take that 14K check and toss it right onto credit cards (yeah it may sting) and cut your debt by over 30%.

I honestly think with your income (being single, no kids) you should be able to throw 1K a month at debt and be out in two years (even sooner if you keep tossing those commission checks at it!).

I'd really take a hard look at your spending habits. I don't care how expensive NY is, your rent isn't THAT high, your car payment can't be THAT high... where's everything else going?

I can't stress this enough my rent payment is more than your mortgage. The cost of living on long island is in the top 10 in the US. My current debt payment is 1k a month so being out of debt in 2 years is not going to happen. The reason I am filing is
Like many other people due a fresh start. In 18-24 months my credit will be back on track. And I will have those large checks for a down payment on a home. Granted after taxes and healthcare I only take home 55%.

Thanks!