Income ??

[325Falcon]

How do we fiqure monthly income on schedule I ?

We both get paid every two weeks. So I just took the gross amount of one pay check and doubleed it. Is this the correct way?
Thanks for any input!

[monkatom]

I also get paid every two weeks so I took my gross and multiplied by 26 then divided by 12. if you just took your check and doubled it that would only account for 24 checks when you actually get 26

[325Falcon]

Ok I understand. Thanks!

I am however stuck on the means test. under part II monthly income it says.

"all figures must reflect the average monthly income recieved from all sources, derived during the six calender months prior to filing the BK case ending on the last day of the month before the filing. If the amount on monthly income varied during the six months you must devide the six month total by six, and enter the result"

If I count the pay days in the six calender months prior to filing the BK case ending on the last day of the month before the filing I recieved 12 pay checks not 13. So the way I see it I should just multiply by 12 and divide by 6. Or just multiply by 2.

Am I reading this wrong or being hard headed?

[FreshLikeADaisy]

I think you're doing it exactly right. Don't add in a paycheck you didn't get!

[Granny]

You are doing it right. The means test requires the last six months earnings. Being paid by-weekly means there are 2 times a year where there are 3 paychecks in a month. For us, it was May and November. In any 6 month look back period, you will have one month with 3 paychecks, the other 5 months will have only 2.

[325Falcon]

OK!
Now I am feeling a tad bit better about my thinking on this issue.

Now I need to convince my lawer I am correct. I mean it is what it is but he seems to think otherwise.

[Granny]

OK!
Now I am feeling a tad bit better about my thinking on this issue.

Now I need to convince my lawer I am correct. I mean it is what it is but he seems to think otherwise.

Make sure that the month you are looking at doesn't have 3 paychecks that month, like November does. We received a paycheck check on Nov 2, Nov 16, and Nov 30. Most months won't have 3 checks. Is that what the attorney is looking at?

As amazing as it seems, attorney's don't do numbers. They can plug them into a computer, but don't even begin to ask them to think about it.

Tell us exactly what your attorney is saying and we will help you figure out what to say in response.

[magyar123]

If you are a strict 40 hr. a week employee with no overtime, incentives, bonuses etc. just multiply your hourly wage by 40, multiply that by 52, and then divide that figure by 12 - and there you have your monthly gross.
Example you make $10/hr. 40 x 10 is $400, times 52 is $20,800 - divided by 12 comes out to $1733/change a month.