Freaking out again!

[Freddy03]

Uh I found out (via this forum) that our income tax return would be included on the means test. We are already over the median and stretching the means test to just barely passing. Now if I divide our income tax return by 12 and adding that to our monthly income it puts us just barely over the means test = fail

I'm not sure what to do.

[Freddy03]

Sorry I'm just venting

[UghUghUgh]

When did you file your return? Even if you got your payment in May If you wait a few months, December, to file then it cannot be considered in the past 6 months of income, right? Can you do that? (Sorry, I forget the details of your case.) My attorney never brought that up, then again I cannot file until Dec. due to recent charges.

~Ugh

[AngelinaCat]

When did you file your return? Even if you got your payment in May If you wait a few months, December, to file then it cannot be considered in the past 6 months of income, right? Can you do that? (Sorry, I forget the details of your case.) My attorney never brought that up, then again I cannot file until Dec. due to recent charges.

~Ugh

Yes, you can wait to file. In fact it is well to sit down with a competent attorney and plan your BK. There is nothing wrong with that.

We have a situation where we had to wait six months and a day, before we could file. We get a yearly stipend from a non-revocable trust, that pays out in January of each year. This is Retirement money, so it can't be touched.

However, if we had filed before July 1, this money would have been considered in the six month look-back from the point that we filed, and it would have hurt us. So we wanted to file in August 2007.

Our incompetent attorney (long story), whom we hired in August 2006, dragged feet until December 2007, at which point we were being sued by some of our creditors. Had we permitted her to drag feet further past Jan. 1, then we would have had to wait to file until August 2008. By that time, we would have had a couple of judgments against us.

We made her file our paperwork on December 28, 2007, the last business day of the year, and we got under the wire.

Good luck to you!

[Freddy03]

Ok here is my issue - I need to file BK ASAP b/c I have a judgment against me that is going to start trying to collect prob in Oct. I have to turn in my finanical info to the plaintiff and court at the end of this week. I also have 2 other CC cases going currently going on - Court dates set for them mid Oct.

I filed my 09 tax return back in March. It was spent before I even received it. I won't be filing 10's return until March or late as possible. Someone said on here that my future tax return had to be divided by 12 and added as monthly income. Is that right? My soon to be attorney (paying the retainer fee today ) never mentioned that the future tax return was income. He only said b/c I'm filing close to the end of the year that the trustee will probably want the tax return.

I'm ok with that.

I just need to make sure I pass the means test.

[Freddy03]

http://www.bkforum.com/showthread.php?61916-Means-test-and-HELOC

Here is the other post.

I'm concerned b/c 10 tax return is going to be much less this year b/c we haven't made our regular contributions to our Church and Goodwill and I also have to pay taxes on a 401K hardship withdrawl.

So I don't know how much to add to my income.

Any suggestions?