Updated IRS Expense Allowances

[ApresMoi]

Does anyone know where to find these? I read that new allowances came out March 15th. There's probably a link somewhere here...if I could just find it!

[jdcat]

http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm

[ApresMoi]

Great! Thanks much.

http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm

[jdcat]

You're welcome.

[OutofTime]

hmm just read that, so for CA household of 3, maximum allowable for mortgage is only $1,300? My current mortgage now is $2,400.00 a month so does this mean $1,100.00 extra is not counted for my expenses?

[liz417]

RE: OutofTime


You'll be able to use what your "actual mortgage" is on your petition. That is what saves most of us and gets us into a ch 7...a larger mortgage.

[ColoradoBell]

The Nolo Means Test site says that you get to exempt the full amount of your mortgage...Drats, I don't have one...On the other hand, renting here in my area costs MUch more than the allowance.
Geez

[JEM]

I just looked at these again, and unless I was really really tired last night when I read it... the housing and utilities for our area went UP almost $500?

Do the numbers really adjust that much?

[ApresMoi]

I don't know where you are getting your info, but I saw 1,778 for ONE is now allowable for 'housing and utilities' in LA County. It goes by County, I think. See link provided earlier in this thread to look up allowances for your area.

*****

hmm just read that, so for CA household of 3, maximum allowable for mortgage is only $1,300? My current mortgage now is $2,400.00 a month so does this mean $1,100.00 extra is not counted for my expenses?

[BananaCabana]

I just looked up our area and those figures really don't seem reasonable for a family of 5 or more. Rent/Mortgage and Utilities around $800 for our neighboring county and around $1000 for our county. Obviously way less than most mortgages but also less than what it would cost for rent & utilities. For 5 or more you would need at least a three bedroom home to rent/own. Add on at least $300 in utilities a month (all utilities-electric/gas, phone, cable/internet if needed, etc.) and there is no way it would come close to what that list states. A normal rent will cost you between $1000-$1300/month and that is in one of the cheapest towns in our county. Unless you don't mind living in the really dangerous areas of town, of course.