chapter 7 cash question

[greg2169]

alright so i bring home around $2080 a month with monthly expenses (rent ect) around $1800-$1900 ... i also will be going down to 32 hour work weeks in nov (can not wait that long due to suit)

is this going to be a problem?

[tobee43]

most likely not...however, you need to do a means test and put all your expenses etc together...you'll most likely be alright, but it's difficult to tell with the little info you put up.

[justbroke]

alright so i bring home around $2080 a month with monthly expenses (rent ect) around $1800-$1900 ... i also will be going down to 32 hour work weeks in nov (can not wait that long due to suit)

Yes, it's a problem because you are talking about "take home" pay and not your gross pay. What you wrote above, is already showing that you have $280 to $180 a month in disposable income. That's going to be an issue in a Chapter 7. (Unless I'm missing something???)

What's your "average" gross take home over the last 6 months?

[tobee43]

Yes, it's a problem because you are talking about "take home" pay and not your gross pay. What you wrote above, is already showing that you have $280 to $180 a month in disposable income. That's going to be an issue in a Chapter 7. (Unless I'm missing something???)

What's your "average" gross take home over the last 6 months?

jb....our DMI.... was over by much more, but down here there were other criteria to qualify for the no asset chapter 7.

it's difficult to tell when the OP has not listed expenses...i could spend another $180 on toilet paper monthly...or food cost...which i under stated in my means tests...i was even questioned about the low cost i allowed for food...go figure.

i would like to see the break down first you think?? they you'd most likely would be able to tell the OP right on where he stands.

[justbroke]

That's why I prefer raw numbers, family size, etc, etc.

[AngelinaCatHub]

A mitigating factor JB is that the OP is about to go down in pay if he is hourly. This will not be tallied in his last six months, but since he cannot wait due to a possible suit, it may be an arguable point. You are on top of the letter of law, so perhaps if the OP can give a bit more details as to who, what amount the suit is, it could be simpler to address. 'Hub

[tobee43]

A mitigating factor JB is that the OP is about to go down in pay if he is hourly. This will not be tallied in his last six months, but since he cannot wait due to a possible suit, it may be an arguable point. You are on top of the letter of law, so perhaps if the OP can give a bit more details as to who, what amount the suit is, it could be simpler to address. 'Hub

as well...op may perhaps be able to keep the suit at bay until the filing and build up some time between the suit and the filing dates...allowing for the dmi to go down...but as jb and you both agree...one needs to see it in black and white.

[greg2169]

suit is from pressler and pressler repping capital one for: $1008.34 past 35 days since they filed so im sure they are trying for a judgement
my expenses are 300 for car at least 175 for meds (type 1 diabetic) food i would say around 375-400 rent 600 (renting a room from a friend no lease) cell, cable and internet $200 transportation: $40-60 (gas) clothing: $50 (dont buy much) utilities: 100 (gas, electric) my assets are limited my bank account (never really has more then $100 in it after i buy all the things i need) 42" tv, futon bed, and this damaged laptop computer i am on

[tobee43]

suit is from pressler and pressler repping capital one for: $1008.34 past 35 days since they filed so im sure they are trying for a judgement
my expenses are 300 for car at least 175 for meds (type 1 diabetic) food i would say around 375-400 rent 600 (renting a room from a friend no lease) cell, cable and internet $200 transportation: $40-60 (gas) clothing: $50 (dont buy much) utilities: 100 (gas, electric) my assets are limited my bank account (never really has more then $100 in it after i buy all the things i need) 42" tv, futon bed, and this damaged laptop computer i am on

ahhhhhh...pressler and pressler on rt 23 ....nj....they are yuckers for certain. they are not a nice group....use to work with them indirectly...years ago. nasty bunch...

[greg2169]

also is it ok to use PO boxes that my creditors have in my filing?
EX:
collections
po box 1 harrisburg pa 20000

that is just an example but is a po box ok to use for the creditor to be listed?

[greg2169]

and i may have put the wrong amount down, is it true i have to use the average gross income over the last 6 months? if so that is not good... my gross income over 6 months was 19602.71 then i divide that by 6 and it comes to 3267.11 what in the world do they want to know my gross income when the only income i see is what i bring home as in barely over $2000

[ccsjoe]

greg, there is a separate category for employment related taxes. That's why they ask for gross income. They try to see if you're overwitholding and thus expect a refund. One of their methods.

You can use the PO Boxes, but always better to have street addresses. Also, you do not need exact amounts unless you have too much DMI in which case some additional calculations from the means test will come into play where you will need relatively accurate numbers. Suggest credit report as source for those, in addition to not forgetting about medical bills and others that may not report to the bureaus.

[greg2169]

i have the exact amount i owe to all creditors listed on the documents which is good, may be stupid question but what does DMI mean? thank you all for all your help... i usually get a little over $1000 back when i do my taxes at the end of the year... that money last year went to 2 creditors to settle those debts

[tcreegan]

Hi greg,

DMI = disposable monthly income

You use your gross monthly on the means test b/c there is a place to deduct off taxes, etc on the form.

But.....you don't need to worry about that. You are below median income for NJ ($4984) so you don't have to fill out the expense part of the means test.

You are going to need to list expenses on schedule J, and need to have enough expenses on Sched J to meet or exceed the income listed on Schedule I These schedules are 'forward looking' so you could use your 32 hr/wk income. Download these forms and see what you come up with.

The tax refund goes to the BK trustee unless you have an exemption to cover it. See if NJ has a cash exemption or a 'wildcard'

As to listing your creditors, you just need a valid mailing address.

Good luck w/ your filing,

Tom in Colo

[debee]

OP? I understand that it refers to the person who posted the thread, but not what it stands for. help?