QUESTION
Will a slight increase in pay affect my Chapter 7 Bankruptcy?
Asked on Aug 19th, 2012 on Bankruptcy - New Jersey
More details to this question:
I am currently in the process of a Chapter 7. We haven't filed yet, and are still gathering some more information for our lawyer. How does a change in pay during this time effect a Chapter 7. I am a driver, so my pay changes from month to month. My 6-month average was $5360 when my lawyer did it. Now this month (August) my income increased a little, and now will be $5569 over 6 months average, but work will slow down the next few months, and my income decrease. We plan to file in Sept. Do we wait another month until my income decreases? I have a few weeks till my next lawyers meeting, and wanted to find out sooner rather than later about our situation.
6 ANSWERS
You should write your attorney an email.
I'm sure she would be glad to answer the question. Unfortunately the means tests looks at your household size and state, but if it is above the state mean looks into numbers that are related to IRS standards for the region, state, and zip code depending on the item in question.
There are also points to add in that are specific to your situation.
But again, I think that your attorney would be the best place to see how your information fits into the bankruptcy qualifications and could also suggest some options to make everything work out.
Answered on Aug 25th, 2012 at 12:10 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Talk with your lawyer. I don't know if there will be any effect it depends on your income and the number of dependents and your income and expense situation in general.
Answered on Aug 25th, 2012 at 12:09 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Your income for the 6 months before filing and your current income play into the question of "do you qualify for a chapter 7". Since you are represented by counsel they are required to answer your questions. If they don't then go to an attorney who will treat you with more respect.
Answered on Aug 25th, 2012 at 12:08 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Ask your present lawyer.
Answered on Aug 25th, 2012 at 12:08 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Speak with you attorney, it is impossible to respond to you reasonably without additional information. You attorney knows your case, listen and act on the counsel you are given.
Answered on Aug 25th, 2012 at 12:07 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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It may, and I stress MAY, cause you to over the median incomes on the Means test. Please talk w/ your counsel.
Answered on Aug 21st, 2012 at 11:24 AM