How does the BK court view income in a BK case? Do they just look at what you are making on the day you file? Do they look at an average for the year? The reason I am asking is because I may have to file for BK and as of right now, I qualify for Chapter 7, but I may get a raise in the next few weeks, thus getting it before my bankruptcy is discharged and possibly making me only qualify for Chapter 13(which I really don't want to do). Thanks.
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income
Your income/expenses at the time you file are what matters. If, after your 341 you get a raise, then it is of no consequence to the court (for chapter 7) Since your raise is not a "sure thing" and you didn't know if it would happen or not when you filed, then you can't file on something that "might" happen but isn't for sure. -
Thanks for the info. Let's say that I get a raise between the time I file and my 341. Would I still have to list my raise even though it hadn't kicked in yet when I filed but I got it before my 341?Comment
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raise
If the trustee asks if anything has changed since filing, since you are under oath, to lie about that would be fraud. But not all trustee's will ask that question. The best bet would be to inform your lawyer and then he/she can give you the best advice on how to proceed. The other scenario would to wait until after your 341 to accept it.Comment
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