bankruptcy chapter 7

[wallstreet]

Question when asked by a trustee if you have ever had a bankruptcy before in a 341 meeting in florida what is the time line of answer ?


Meaning if we had a bankruptcy 22 years ago from todays date 2011 would that count as a issue and how would they check this .

One more question is the mean test for 6 months wages or income or is it for one year ?

[KAM465]

To your first question I think you would have to answer Yes 22 years ago. In my 341 Meeting the Trustee asked if I had filed BK anythime in the past 8 years.

AS for Income it is a 6 month look back of all income, ie: if you file in January you would have to list all income from July 1 - December 31

[wallstreet]

To your first question I think you would have to answer Yes 22 years ago. In my 341 Meeting the Trustee asked if I had filed BK anythime in the past 8 years.

AS for Income it is a 6 month look back of all income, ie: if you file in January you would have to list all income from July 1 - December 31

Well what iam asking is it just 6 month wage and income for that 6 months period before filing BK with the means test .

To explain this more clearly .

When they say means test is it just the 6 months income not meaning a years income? So in Florida you can make up to 49,000 in 6 months is that correct ?

[KAM465]

wallstreet,

The Means Test takes into account all income from the previous 6 months prior to the month of filing and divides by 6 to determine your Average Montly Income (AMI). So in your example of $49,000 in 6 months your Average monthly income would be $8166.67/month. You then take the AMI x 12 = Annual income.

This is how I understand it works for the Means Test, I am sure others on the forum will correct me if I am wrong.

[wallstreet]

Well let me get this correct its your total wage without tax taken out all income in 6 months ? Then divide by 6 to get average income for 6 months of wages and this would be gross income or net income which would be correct .

So any bonuses or extra money like sick days saved each year or a bonus check each year would be included in income or not .

The means test for Florida is 49 k .

[alorth]

In my 341, I was asked about previous BK, and said yes, discharged CH 7 back in 1992. So that was like 19 years ago.

Also, my old CH. 7 record is still available to view on PACER, even though its almost 20 years old.

[KAM465]

Well let me get this correct its your total wage without tax taken out all income in 6 months ? Then divide by 6 to get average income for 6 months of wages and this would be gross income or net income which would be correct .

So any bonuses or extra money like sick days saved each year or a bonus check each year would be included in income or not .

The means test for Florida is 49 k .

Wallstreet,

It includes ALL INCOME (there are some exceptions but not sure what applys), here is what the Means Test Instructions read:

"All figures must reflect average monthly income received from all sources, derived during the six
calendar months prior to filing the bankruptcy case, ending on the last day of the month before
the filing. If the amount of monthly income varied during the six months, you must divide the
six-month total by six, and enter the result on the appropriate line."

"Gross wages, salary, tips, bonuses, overtime, commissions."

Basically if it is included in your Gross Wages for the 6 month period it is considered income. If you are paid for unused sick days or vacation in the 6 month period it will count towards the average. This is why you will read about people Pre-Planning prior to filing in order to reduce the average.

[KAM465]

Taxes and other allowable expenses are deducted later in the form to dertemine your Disposable Monthy Income (DMI) if any

[tobee43]

to answer your question in reference to if the trustee will ask you if you filed bk 22 years ago. at our 341 in the middle district the question never came up. also, our trustee did not ask ANYONE in the entire room.

when we filed the means test in our county for TWO was 58k, we were shocked, but that is what it was. it has since changed and at the time we filed varied from county to county as well as the ss exemption of income. i.e. in the next county over EUI was NOT exempt, yet, in our county it was. go figure.

[wallstreet]

Thanks for clearing that up i understand this much better . I thought i read no bonuses included just basic hourly pay .

[LadyInTheRed]

Question when asked by a trustee if you have ever had a bankruptcy before in a 341 meeting in florida what is the time line of answer ?

When answering the questions, don't over analyze the question. Answer the question that is asked. If there is no time line included in the question, no time line should be presumed.

[KAM465]

Wallstreet,

If you get paid on a bi-weekly basis (every 2 weeks) you should check your numbers closely as there may be month(s) where you had 3 pay periods which will skew the average. Also if you received bonus pay, excessive Overtime Pay or any other form of pay outside of your normal salary you should run the numbers. Doing this will give you an idea if it is better to file now or wait a month or two.