6 month income snap-shot

[gak555]

I just want to make sure I understand the 6 month window that they look at to determine income during the means test. Am I correct, that they look at the full six months that preceded the date one files for bankruptcy.

Second question: When the time come for the 341 are they going to be asking for statements, paystubs, income, etc. that occured from the time one filed up to the 341 ? And what about the period between the 341 and the creditor's period where they have rhe right to object.

These questions come up because everytime I check in on the forum I seem to have two questions for everyone that is answered. Props to Sinking Fast, aa06a47, Minny and the others that offer such great feedback.

[SinkingFast]

I don't know what to tell you on this one Gak.

We turned in all our docs to our attny on March 30. The paralegal emailed me last week that she hoped to have our petition prepared for the attny to review the end of last week. I emailed her back and asked about pay stubs, new CC statements, and other docs we've accumulated since March 30, but she's yet to answer me about that.

I do know the 6 month income thing is really more like 6.5-7 months before you file. When we handed over docs on Mar 30, we had to give them paystubs back to Aug 1 of last year. It's like the Court works on a calendar month in arrears. If you were to file May 25th for example, the Court would start May 1 and go back from there. Even tho they'd also want your paystubs from May as well.

[fellowpoorman]

As for me the 6 month was the preceeding 6 month period, now what that showed in my earnings was about 3000 more than what was actually made, what they do is take the 6 months and double it and use that as what youy make, whether it is actual or not, you will have to supply all paystubs or a print out thereof. As for the 341, don't worry, you can have all that stuff just in case, if youy are asset then the more the better, but basically just have a SS card and a drivers licence. Good LUCK

[LostOne0069]

When they look at your pay stubs to determine income, do they look at the "total gross" or "W2 gross".

The reason I ask is that on my check, the "total gross" figure includes "flex dollars" which is the amount that my company pays towards my benefits (medical, dental etc.) whereas the "w2 gross" is the amount that they report on my w2's for income tax purposes.

[anonymuse]

I've been just using my current figure when doing the means test, etc. I actually was an independent contractor working less hours for 2 of the last 6 months--that makes my annual income even lower.

But then, they ask "Do you expect any changes in income?" I'd rather just use the current figure and state I used that since it most accurate to my current and future income.

[SinkingFast]

When they look at your pay stubs to determine income, do they look at the "total gross" or "W2 gross".

The reason I ask is that on my check, the "total gross" figure includes "flex dollars" which is the amount that my company pays towards my benefits (medical, dental etc.) whereas the "w2 gross" is the amount that they report on my w2's for income tax purposes.

I know exactly what you're talking about, Lost. We used to have Flex Dollars. Instead of giving you your medical for free and having you pay the additional for your family coverage, you get Flex Dollars to use as you need to.

But for BK purposes, I don't know. I'd think it's actual earned income. But that's just a guess.

I'm saying that because I sold jewelry in November, and we sold our truck in March. The attny isn't counting either as income. Sold the jewelry and the truck for less than we paid for them was the reasoning there.