I am sorry for jumping in on all your questions but gosh this is like yesterday for me. I did my bankruptcy before the new law about counseling but our lawyer did a budget for us before the meeting. BEEF UP YOUR BUDGET!!!!! We had extra for meds, food, etc, etc, with the guidance of our lawyer. If your really spend 6oo mo on groceries state 800.00. Make sure that you allow for any expenses! Of course as time went on we were really spending that much but I think our lawyer was considering cost of living increases. We were in it for a 5 year haul and had a sick child so I think he was protecting us. This is where making sure you have a good lawyer helps. Good luck....sorry to hear that you are going through this but time does pass quickly and it is nice not being harassed by Collection Agencies etc. OH BTW also at the meeting the trustee basically approves your budget and payment.
wildcat is right. The budget you end up will make or break your chapter 13. If you are filing a chapter 7 then hopefully your attorney will use the maximums allowed by the IRS guidelines. Credit counseling has to be done before filing, I think??? (I didn't have to do it) Many have done the Dave Ramsey course online.
Good recommendations on figuring out budget expenses. You can also do the required credit counseling online. It is quicker and painless and the budget is covered in the online course. As for the 341 meeting, it lasts maybe 5min when your case is up. Good luck!
so can not be denied because your current budget is way more than your income coming in? Like if you were used to spending $140.00 a week on groceries do they make in your budget where you spend $75.00 a week on groceries? When I talk to my atty I need to exergate a little on my monthly expenses other than cc bills?
What do you mean make or break Chapter 13? So if your budget is really high you have a better chance of filing for 7. And if your budget is low you can file for 13? I am sorry I am new at this. What are the maxiums allowed by the IRS for Chapter 7? I don't quite understand that?
so when you filed youe debt to income ratio was very high? And when you say beef up your budget. I need to make it look like my expenses way exceed my income?? What all do you put in your budget. Groceries, gas, clothing, childens activites??