Please help me with my story

[LSUTiger32]

Good point. This is like setting a nuclear bomb off on my life to me, so it's not going to be easy for me at all.

[OhioFiler]

[QUOTE=LSUTiger32;299350]I found a means test calculator online and I am doing it just to see. It says for a family of 4 in Louisiana, the six month income threshold is now $33,317 as of March 15, 2009.

My six month income for the six months up to today (thru 7/16) was $31,429 gross. Is that what they use, the gross income?

Of course if you add rental income in I go over the means test threshold, but if I add the rental income in then I get to add the expenses, right? With the rental expenses, I am nearly $2,000 a month in the hole. Do I have anything to worry about?[/QUOTE]

You don't have to worry but you will. You are that type of personality. You are going to hire an attorney (maybe tomorrow, maybe later) so you should relax and wait until you hear your options before you work yourself into a tizzy. Worrying accomplishes nothing but the need for a Valium.

[LSUTiger32]

I found a means test calculator online and I am doing it just to see. It says for a family of 4 in Louisiana, the six month income threshold is now $33,317 as of March 15, 2009.

My six month income for the six months up to today (thru 7/16) was $31,429 gross. Is that what they use, the gross income?

Of course if you add rental income in I go over the means test threshold, but if I add the rental income in then I get to add the expenses, right? With the rental expenses, I am nearly $2,000 a month in the hole. Do I have anything to worry about?

[falken]

OK, thanks! I will check the addresses, I used the addresses off of a credit report I ordered so I hope those will be the correct ones.

Those should be fine!

[LSUTiger32]

Sounds like you have done all the work for them! In case you didn't know, the address they want for the creditor is any correspondence address that may be on bill and not the address where payments are processed (unless that is the only address listed anywhere).

OK, thanks! I will check the addresses, I used the addresses off of a credit report I ordered so I hope those will be the correct ones.

[falken]

OK, I think I am ready for my consultation tomorrow. I have all the forms she asked for filled out and I have numerous spreadsheets with my monthly budget now and what it will look like post-bankruptcy (incase there is any question on if I can afford to keep one car), all of my debts with addresses, account numbers, amount owed and monthly payment amount and I even went through and itemized my paystubs for the last six months breaking it out into gross, taxes, insurance, social security, net, etc. I also have a printout of the KBB value of the autos.

Is there anything else besides taking a valium tonight that I should do? I am already freaking out about doing this and it's just a visit to the lawyer. I am going to be a wreck on the day of the 341.

Suggestions and words to calm me down are greatly appreciated!

Sounds like you have done all the work for them! In case you didn't know, the address they want for the creditor is any correspondence address that may be on bill and not the address where payments are processed (unless that is the only address listed anywhere).

[LSUTiger32]

OK, I think I am ready for my consultation tomorrow. I have all the forms she asked for filled out and I have numerous spreadsheets with my monthly budget now and what it will look like post-bankruptcy (incase there is any question on if I can afford to keep one car), all of my debts with addresses, account numbers, amount owed and monthly payment amount and I even went through and itemized my paystubs for the last six months breaking it out into gross, taxes, insurance, social security, net, etc. I also have a printout of the KBB value of the autos.

Is there anything else besides taking a valium tonight that I should do? I am already freaking out about doing this and it's just a visit to the lawyer. I am going to be a wreck on the day of the 341.

Suggestions and words to calm me down are greatly appreciated!

[OhioFiler]

I am just filling out a "client information sheet" and there is a section on vehicles which asks the year, make, model, loan amount owed, if it is in arrears, the monthly payment and what the value is. I assumed they need a real value for the court, but maybe this is just an informal question to me from her.

Best guess is fine for your attorney.

[LSUTiger32]

This varies from district to district. The best bet is to get an independent appraisal. What are your attorney's questions about the value your vehicles?

I am just filling out a "client information sheet" and there is a section on vehicles which asks the year, make, model, loan amount owed, if it is in arrears, the monthly payment and what the value is. I assumed they need a real value for the court, but maybe this is just an informal question to me from her.

[OhioFiler]

Another question.....my lawyer has questions about the value of my vehicles. Can I use KBB for this and if I do, do I use private party?

This varies from district to district. The best bet is to get an independent appraisal. What are your attorney's questions about the value your vehicles?

[LSUTiger32]

a lot of people got into loans that they couldn't afford the last several years. I don't think CA is as bad as you're implying though. Living there; and working in the financial industry- the people with 700k homes typically bring home 200k+ a year. I know you're just trying to make a point; but if you've known someone in that situation- making 60k and 700k mortgage that is an excetpion. Now, there were a lot of people getting 200-300k homes on that 60k salary though...

And to add this in in general for the discussion... I don't believe that the rentals count as a business. Unless you did them as such on your tax returns you can't retroactivley say that it's "business debt" that i know of. Of course, consult with an attorney. This is the first time i've seen it suggested without the person having a legitimate business. So i would check on that with an attorney before you get your hopes up

Thanks. I am not getting my hopes up, but I still believe I am under the median income for the means test in LA for 4 people which is $66K per year. Also, I think with the debt I have I will have a negative amount left even if I have to do the full means test.

Another question.....my lawyer has questions about the value of my vehicles. Can I use KBB for this and if I do, do I use private party?

[jribe]

Thanks for explaining things to people. It's called down payments and rental income. Of course I also didn't have a lot of the other debt when I was approved for some of those.

I don't want to distract from the point here but have you not seen the people in California who have $700K houses and they make less than I do? There's no question I was wrong for applying for them all and the bank was just as wrong for giving them all to me. For my role in destroying the economy, I apologize!

a lot of people got into loans that they couldn't afford the last several years. I don't think CA is as bad as you're implying though. Living there; and working in the financial industry- the people with 700k homes typically bring home 200k+ a year. I know you're just trying to make a point; but if you've known someone in that situation- making 60k and 700k mortgage that is an excetpion. Now, there were a lot of people getting 200-300k homes on that 60k salary though...

And to add this in in general for the discussion... I don't believe that the rentals count as a business. Unless you did them as such on your tax returns you can't retroactivley say that it's "business debt" that i know of. Of course, consult with an attorney. This is the first time i've seen it suggested without the person having a legitimate business. So i would check on that with an attorney before you get your hopes up

[LSUTiger32]

I would think owning rental property, you would keep receipts for tax reasons. So if the receipts are after the cash advance, but close to the date of cash advance, those receipts would suffice.

You didn't have a separate checking account for your rental property? Not trying to sound mean, but how did you complete Schedule C on your income tax returns right?

Luci

Yes, I have the receipts and yes I filed my taxes correctly. No, I did not have a seperate checking account and yes that was a mistake. Like I said I wasn't thinking of it as a business even though it was and I should have. I just didn't know if that was going to work to prove that a personal cash advance off of a personal credit card was used for the rentals.

[LSUTiger32]

I would not worry too much about your credit score if you plan to file bk.

You should immediately stop using and stop paying your credit cards.

I totally agree, I just thought if there was a benefit and since I have come this far I might as well give it a shot and see if I can hang on until the filing date.

[LSUTiger32]

Rental income.

Thanks for explaining things to people. It's called down payments and rental income. Of course I also didn't have a lot of the other debt when I was approved for some of those.

I don't want to distract from the point here but have you not seen the people in California who have $700K houses and they make less than I do? There's no question I was wrong for applying for them all and the bank was just as wrong for giving them all to me. For my role in destroying the economy, I apologize!