Wow!! Am I really that poor?!

[confusedinVA]

I got Nolo's book today. (I think this will be my bible for the next couple of weeks.) I have completed the means test, and I am negative at the end. Is that going to look suspicious? I answered everything honestly and even left out a few things so that it wouldnt look so bad but I am still negative. At the end where it has you multiply the amount by 60 months....it's negative $76,008.00. I am certain I have done everything correct, I checked twice. Should I take more exemptions off to lower the negativity? I mean, are they going to ask how we are able to pay our bills every month?

Thanks for the help.

[FoolAndHisMoney]

I got Nolo's book today. (I think this will be my bible for the next couple of weeks.) I have completed the means test, and I am negative at the end. Is that going to look suspicious? I answered everything honestly and even left out a few things so that it wouldnt look so bad but I am still negative. At the end where it has you multiply the amount by 60 months....it's negative $76,008.00. I am certain I have done everything correct, I checked twice. Should I take more exemptions off to lower the negativity? I mean, are they going to ask how we are able to pay our bills every month?

Thanks for the help.

Are you sure you aren't below the median? Your figure is -1266 per month which seems high, or low, very low . The test is just to aid the UST in determining if you are filing an abusive chapter 7. Your actual expenses will be in schedules I&J.

[Bobby'sGirl]

It is $-1500 for me

The forced sale of my business and only part time income has had me living off of my home equity since the turn of the year. If it is really your expense, list it, and check against the government allowed expenses for your region, family size, and income level to see what the BK court will think is reasonable. Are you using a lawyer, or thinking pro se? With the info from your other posts, you may not want to pursue this without legal help.

[confusedinVA]

I used the IRS allowances for the expenses as far as car ownership etc. I also used it for the rent/utility allowance which is below what I actually pay. Our yearly income is about 50,000 below the medium according to the guidelines.

Do you really think I need an attorney? Why?

[Bobby'sGirl]

On your other thread...

...you posted about a judgement against you from a former landlord; if a lien was filed against any asset you own, then a lawyer would be needed. If not, and all you are doing is including judgement in your BK, then it might not be a problem. Good luck!

[confusedinVA]

Thanks for the heads up

Sadly, the only thing worth anything that my husband and I own are 2 vehicles. I dont even think they are worth much. We will be able to keep both under the exemptions.

[confusedinVA]

Not sure if I should start new post or not

Not sure which way I am supposed to do this, maybe someone will let me know. Do I start a new thread with each new ?, or continue from an old.

Anyway, here are my new questions.....

My husband and I arent going to be using the Homestead exemption because we dont own any of these things. We will be using the personal property for the vehicle. ?......The wildcard allows you to use the remaining balance of Homestead, which would be $12,000.(I am assuming this as the Nolo book says that unless it is noted assume you can double, plus we get 500 per dependent) Can we use the wildcard to protect our federal and state income tax returns? Also, I am wondering if I can do the same for monthly child support payments that I am receiving.


I was wondering if someone could also point out to me where to get more infor on filling out the property exemption worksheet. I have another ? about rent deposits and utilities. I am assuming they would also go under wildcard but want to make sure.

Please dont get frustrated with me.
Thanks for the help.

[anonymuse]

Read the sticky: What Trustees look for when filling out forms!

http://www.bankruptcyforum.com/t7296-what-trustees-look-for-when-filling-out-forms.html

It indicates the common issues that people forget to do when filling out the forms, include the property exemption worksheet.