Which state to live in / file BK in?
I've been reading the forum for while and would like to thank you all in advance for the invaluable help I've already received. Here is my question:
I am considering filing Ch. 7 in the next few months. I currently live in one state and work in another. I live right on the border. I'm considering moving to the state I work in but want to run some numbers by you.
The median income for a family of 1 in the state I live in (State A) is much higher than the state I work in (State B). My income falls just under the median (by about $100 - so it is VERY close). Although I'm under the median, the cost of living for my town is quite cheap. Running the means test all the way through, and it appears that I have enough money to pay for a Ch. 13 which I do not want. I know I'm technically under the median, but I've been informed that because I'm so close and because the region I live in has such a cheap cost of living, I might be pushed into a Ch. 13 anyway.
State B (the state I work in), has a much lower median income. I make about $10k a year more than the median. But the cost of living is much higher in the city where I work (and where I'd move to). Running through the means test for that region, I pass with flying colors. In other words, it says I could qualify for Ch. 7 because of the cost of living (standard expense deductions).
So what should I do? Should I stay in State A where I'm barely under the median, but the cost of living is low and there is a risk I could be pushed to Ch. 13 anyway? Or should I move to State B where I'm definitely over the median income, but the cost of living is so high, I easily pass the means test?
I am not worried about exemptions. I have very few assets and what I do have would be exempt no matter which state I filed in.
Thanks!
I am considering filing Ch. 7 in the next few months. I currently live in one state and work in another. I live right on the border. I'm considering moving to the state I work in but want to run some numbers by you.
The median income for a family of 1 in the state I live in (State A) is much higher than the state I work in (State B). My income falls just under the median (by about $100 - so it is VERY close). Although I'm under the median, the cost of living for my town is quite cheap. Running the means test all the way through, and it appears that I have enough money to pay for a Ch. 13 which I do not want. I know I'm technically under the median, but I've been informed that because I'm so close and because the region I live in has such a cheap cost of living, I might be pushed into a Ch. 13 anyway.
State B (the state I work in), has a much lower median income. I make about $10k a year more than the median. But the cost of living is much higher in the city where I work (and where I'd move to). Running through the means test for that region, I pass with flying colors. In other words, it says I could qualify for Ch. 7 because of the cost of living (standard expense deductions).
So what should I do? Should I stay in State A where I'm barely under the median, but the cost of living is low and there is a risk I could be pushed to Ch. 13 anyway? Or should I move to State B where I'm definitely over the median income, but the cost of living is so high, I easily pass the means test?
I am not worried about exemptions. I have very few assets and what I do have would be exempt no matter which state I filed in.
Thanks!
? Or, should I move to a state (NC) where my income is above median, but the city I'd be living in has a higher cost of living, making passing the means test possible?
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