Income req. for chapter 7? PLEASE HELP

gem561

Member

Bankruptcy Newbie

Joined: Oct 2008

Posts: 59
#1

Income req. for chapter 7? PLEASE HELP

10-23-2008, 06:39 PM

Does anyone know if they determine your income to expenses before or after taxes are taken out of your check? I am nervous. According to some guidlines we dont meet the requirements for a chapter 7 before taxes, but we do AFTER taxes are taken out, AND our expenses are over our income by about $1250.
PLEASE HELP.

FILED: OCT.31, 2008 (HALLOWEEN)
341 HELD: DEC. 4TH, 2008:
DISCHARGED FEB. 3, 2009
CASE CLOSED FEB. 6, 2009:angel:
Tags: None
Keebler

Senior Member

Bankruptcy Contributor

Joined: Oct 2006

Posts: 452

State: Texas
#2

10-23-2008, 07:56 PM

If I remember, it's more like they start with gross income and include taxes as one of the expenses.

So, if your subtracting expenses from your after tax income you're probably doing it right unless you end up subtracting taxes twice somehow.

Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.
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