Another bankrupcy qustion that i cant find ansewer for

[Anonymous]

my friend who doesent meet the means test for 7 due to a drop in incom can still file chapter 7 because the go by what you 6 month income is and as long as it it less thaan 36000 you are ok and it claims on line as long as it is less then 36000 not including your mortgage so if he make 42000 every 6 months the town he is in he is allowed a 1800 monthley exemption for the house that he pays 2800 a month for so if we take 42000 6mo income -10800 exemption he is at 31200 for 6 monts. has anyone heard of this if you dont pass the means test you can add a mortgage/rent allowance to the ammount ( or child support or back taxes witch he doesent owe any).

Second if his house is worth 350,000 and he owes 450,000 can he dischard the 100,000 over what the property is worth since 100,000 is not secured  by the house and is there for unsecured debt

[tunseeker1]

The means test includes a line for housing. If he is above the standard for the area the lawyer can try and convince the court to use actual expenses for the housing.

The fact that the house is not worth the mortgage, as far as I know, doesn't matter if he is going to reaffirm if it is a single lien on the house. If he wants to live in the house then the court may or may not discharge the amount over the value of the house.

If he turned the house back in then it would be discharged but the bank will usually argue the value will return to the loan value over the life of the loan.

If you are looking at figures online then you might not be understanding the process entirely. The best source for information would be a bankruptcy professional. 

[Anonymous]

yea i called one but i want to know more info b4 i go to the bankrupcy aterny.... so if the incom limits are 60000 for a single filer is what you are saying what i think lets say he make 85000 ok but his mortgage payments are 30000 a year we take the 85000-30000 that would make his incom 55000 . cause i know the median income in our state is like 61000. from what the lawyer clams to me that is the way it works take the 85000-30000 and wa la he is below the 60000 also he claims there are some other exemptions to get him below the 60000. thanks these figures are with just the mortgage payment not expenses

Message Edited by XQ28Libra on 01-02-2010 02:51 PM

[tunseeker1]

Here is a link to the means test.

http://www.uscourts.gov/rules/Revised_Rules_and_Forms/BK_Form_B22A101105.pdf

If you follow the paper you can get an idea of what they are looking for.

What state and town does he live in?

I have never seen the case of just deducting the housing payments from the income to meet the means test. 

Message Edited by tunseeker1 on 01-02-2010 10:49 PM