Anyone know if and when IRS allowed expenses goes up (if at all)?

[FoolAndHisMoney]

Anyone know if these figures get modified on a yearly basis, bi-yearly, etc.? It still states that the IRS living standards and expenses are "effective January 1, 2005" .

I figured since just about everything went up in 2005 these figures would reflect the change. I guess not. Maybe they didn't get around to it since it's a holiday weekend or maybe new bankruptcy filers really are SCREWED!

[StaciMM]

Its purely assumption, since 2005 was the first year they were important to BK filing, but I expect they'll be adjusted for 2006. Of course, there is no telling how long it will take to finalize 2005...

[FoolAndHisMoney]

I know what you mean. Prior to bankruptcy law changes they were only used for tax fraud collection. I think 2005 seemed like the cost of living sky rocketed faster then real wages. It always seems like that, but 05 just seemed worse then before. In the late 90s costs shot up too, but wages were in line with it. Not this year at least for me and everyone I know.

[AAAArt]

The allowance for business mileage was "cut" for 2006 by I think $.03. Go figure! Art

[FoolAndHisMoney]

The allowance for business mileage was "cut" for 2006 by I think $.03. Go figure! Art

They must know something that we don't. Maybe plenty of businesses are buying hybrids or even bicycles like in Asia. While gas has leveled off from it's high, it's still more money today the it was a year ago. I guess housing and food is cheaper today too then it was last year.

[AAAArt]

I'm going off of memory here, and that is always scary. Anyway, it seems to me that they raised the business mileage allowance during 2005 and then lowered it again for 2006 as gas prices slacked off some. Also remember that business mileage takes in a number of factors. One of those factors is what cars cost and part of the lowering analysis is based on all of the discounts and employee pricing, etc. given on new cars last year.
All in all, there are probably more unfair things in life than this. Art

[FoolAndHisMoney]

I got my answer at least for the median income part. I guess the other expenses will follow soon. We just have to wait for "early 2006" to get the adjusted data. Hey wait! Duh!



The following link provides the median family income data published for the year 2004, reproduced in a format designed for ease of use in completing Bankruptcy Forms B22A and B22C. The 2004 median income data should be used for completing Bankruptcy Forms B22A and B22C until the data is adjusted in early 2006.

http://www.usdoj.gov/ust/eo/bapcpa/bci_data/median_income_table.htm

[FoolAndHisMoney]

Another update. All new filers set your calandars to the 30th and hold your breath .



Please Note
We anticipate that the Census Bureau Data, the IRS Data, and the Administrative Expenses Multiplier will be updated on January 30, 2006. The U.S. Trustee Program will apply the updated information to cases filed on or after February 13, 2006.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

[FoolAndHisMoney]

Now it's the 1st. They had to sleep off the hangover at bk's party.

We anticipate that the Census Bureau Data, the IRS Data, and the Administrative Expenses Multiplier will be updated on February 1, 2006. The U.S. Trustee Program will apply the updated information to cases filed on or after February 13, 2006.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

[FoolAndHisMoney]

Now my means test made me negative. I guess this is good news and bad news at the same time.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

[bkfiler]

that is good news, but we expected it.

trust me, you want to be poor no matter how bad it sounds right now

wait let me rephrase that...

trust me, you want to be poor right now no matter how bad it sounds

[LostOne0069]

Wonder how much it will help me that now I'm even more below the median income...

Median income for a family of 6 in New Jersey is $104k... we make $90k... I'd REALLY like to get into chapter 7... but expect that we'll end up with a chapter 13.

I think maybe I'll get one of those Pacer accounts you guys are always talking about and see if I can find someone with similar income and situation as us who made it into chapter 7.

[FoolAndHisMoney]

Wonder how much it will help me that now I'm even more below the median income...

Median income for a family of 6 in New Jersey is $104k... we make $90k... I'd REALLY like to get into chapter 7... but expect that we'll end up with a chapter 13.

I think maybe I'll get one of those Pacer accounts you guys are always talking about and see if I can find someone with similar income and situation as us who made it into chapter 7.

I've seen six figure debtors file chapter 7 last month and had a big negative. Despite popular belief the dollar figure means absolutly nothing. I know civil servants & school employees that make 50k doing well because of all the retirement & medical benefits and I know people making $90k struggling to keep up with a $3200 mortgage paying very high insurance premiums, taxes, and other expenses. Gross pay is really BS! It's how much you can keep at the end of the month that counts. If you pass the test then you may qualify. Most likely the US Trustee lives there too so they know.

Yes check pacer. You'll be surprised. I was nervous until I saw some of these cases. Good luck

[SinkingFast]

I checked today and saw that the Census Bureau gave us a generous $38/mo increase for rent and utilities.

Gee, do they not know that people here are paying double what they did last winter for natural gas and propane to heat their homes??

Our trash bill went from $45 before the hurricanes to $60 on the last billing due to an added "Fuel Surcharge".