QUESTION

I show that the mean income for a family in GA of 4 is 68258, if my family income on taxes last year is 68150, do that mean I can file charper 7

Asked on Sep 21st, 2012 on Bankruptcy - Georgia
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1 ANSWER

Antonio B. Mari
Depends. If your family size is 4, then your income level to qualify for chapter 7 is $66,250. You however cannot use your last year's taxes. You must use the actual income that has come into the household over the course of the last six months. You must count all sources except for social security.  Even if you do this calculation and you are over the $66,250, you shouldn't give up. There are numerous deductions that might be applicable to your situation. These deductions can push you back under the magic number. They are too numerous to describe online, you're best bet is to contact an attorney to see what can be done.
Answered on Sep 24th, 2012 at 1:27 PM

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