When averaging your last 6 months income, what are you supposed to do in regards to a month like Sept. where there were 3 pay periods. It's not like I actually made an extra weeks worth of pay, it's just the way the calendar fell. I still get paid 26 times a year, so is this going to be an issue?
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If you get paid 26 times a year, they would probably look at your last 13 paychecks rather than 6 calendar months.Filed Ch. 7 Pro-Se: 10/12/06
341: 11/6/06 (went AMAZINGLY well!)
Discharge: 1/12/07
Closed:1/19/07
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From the Means Test:
"All figures must reflect average monthly income for the six calendar months prior to filing the bankruptcy case, ending on the last day of the month before the filing."
Attorney may be able to estimate it another way.
File March 3 and average Sep 1 - Feb 28.
However, File April 3 and average Oct 1 - March 31.
Remember that the "Expense Allowances" are pretty generous considering you may not actually max out ALL catagories yet the Means Test allows you to enter the full IRS Allowance..Comment
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The attnys have that factored into the income question. They ask how much you make, gross, and how often you get paid. They will figure it from there. Let them worry about it.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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I thought about this too. No matter how you slice it over any given 6 month period there always seems to be at least one month that has five weeks in it increasing your income for that one month. Under normal circumstances that's a bonus, but not for the means test.
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We met with an attorney yesterday. He took the bi-weekly figure and multiplied it by 26. My wife and I are over the median income level by 5K. He said he would run the figures through the means test this week, and see where we come out. On paper, it looks like we have a ton of disposable income, but in reality, things are tight and have been for a long time. You've got to thank this government and the twisted politicians for making this all possible.Comment
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Wait a second....don't you get that third paycheck every six months? I think it's exactly every six months so it'd be about accurate.Filed 07/14/2006
341 Meeting 08/11/2006
Deadline to Object 10/10/2006
Discharged 10/17/2006Comment
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We are paid 26 times per year and our attorney calculated it by dividing by 12 months, which did lower our monthly income We were worried that this wasn't accurate, but my guess is you can rationalize that it would be VERY DIFFICULT to budget based on a couple extra checks per year. I hope this helps!
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