chapter 7 cash question

[AngelinaCatHub]

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

I believe Original Poster, who started the thread. 'Hub



EDIT: Whooops did I post to an old post? Sorry, I didn't see page two.

[tcreegan]

Hi greg,

i added up all my gross salary from each paycheck over the 6 months and divided it by 6 came to 3268.03

You pass the means test even with the extra you made. To fail the means test you need to making over 4K in NJ

Now you need to work on Schd I & J These are 'forward looking' so you use projected income, not past.

Tom in Colo

[justbroke]

Go to Legal Consumer and use their means test. You're probably leaving out a bunch of things in your math.

[greg2169]

no i did not use that means test... i added up all my gross salary from each paycheck over the 6 months and divided it by 6 came to 3268.03 then i did the same with the taxes avg came to 667.23 then did the same for insurance avg came to 183.82 then when i scrolled down that is the number it came up with was the 2416.98

i def do not want a ch 13 i do not want to worry about making any type of payments

[justbroke]

If you never brought home $2,400, then there is something wrong with what you input. You can only average $2,400 if you made more than that at "some" point. Having disposable income over $182.50 (or $109.58) could push you into a Chapter 13.

Did yo use the means test at Legal Consumer?

[greg2169]

alright so this is what i am coming up with for 6 month average:
your net income totals 2416.98
the expenses that you listed on the expense page totals 1999
your income minus expenses is 417.98


is this going to be a problem? i have never in my life brought home $2400, that would be great but this avg is basically from the ot over the summer

[Dee]

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

Original Poster

[drowning123]

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?

Absolutely

[greg2169]

thanks... i will add up my paystubs from the past 6 months again today and divide that by 6 and put that as my gross thanks again guys

[newbie2]

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

Original Poster

[debee]

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

[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

[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

[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]

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