@Anonymous wrote:
@Shooting-For-800 wrote:Better.
That should a good start.
You might also reduce wife's deductions by $500 and then go back to 2nd car deduction.
Decent attorney can help you tweak it.
If you do have to do a Chapter 13, you should not have to pay too much.
WAIT - DID YOU INCLUDE YOUR STUDENT LOANS?
Those loans are required to be paid back and not discharged. That should be $1000 per month itself.
I did not include my student loans. Where would I put them on the form? The recent estimated payment per month on those that I received was $1,800.
My guess would be at the very bottom. I would think that would def pass you into Ch7 since those payments are required just like a mortgage.
Now, the other issues...have you checked on what you can keep and what you have to give up in Chapter 7?
States only allow a certain amount of assets to be kept.
You can use Tenants By The Entirety if your state supports it. This extends to property of the debtor in bankruptcy. If only one tenant files, creditors, including the bankruptcy trustee, can only attack the value oftenants by the entirety property to an amount equal to the tenants' other joint unsecured debt. Basically, if you both bought it in marriage and both use it, it is not required to be surrendered.
You will need to research "wildcard" and automobile equity rules for your state.
@Anonymous wrote:
@Shooting-For-800 wrote:
@Anonymous wrote:
@Shooting-For-800 wrote:Better.
That should a good start.
You might also reduce wife's deductions by $500 and then go back to 2nd car deduction.
Decent attorney can help you tweak it.
If you do have to do a Chapter 13, you should not have to pay too much.
WAIT - DID YOU INCLUDE YOUR STUDENT LOANS?
Those loans are required to be paid back and not discharged. That should be $1000 per month itself.
I did not include my student loans. Where would I put them on the form? The recent estimated payment per month on those that I received was $1,800.
My guess would be at the very bottom. I would think that would def pass you into Ch7 since those payments are required just like a mortgage.
Now, the other issues...have you checked on what you can keep and what you have to give up in Chapter 7?
States only allow a certain amount of assets to be kept.
You can use Tenants By The Entirety if your state supports it. This extends to property of the debtor in bankruptcy. If only one tenant files, creditors, including the bankruptcy trustee, can only attack the value oftenants by the entirety property to an amount equal to the tenants' other joint unsecured debt. Basically, if you both bought it in marriage and both use it, it is not required to be surrendered.
You will need to research "wildcard" and automobile equity rules for your state.
I have checked on that some. My state is not a community property state. My state also supports tenancy by entirety. My state also allows filers to use federal or state exemptions.
Since those apply I am assuming, since she would not be filing, my wife's vehicle is clear since it is in her name. I am also assuming the house is clear, since it is only in her name. The only real asset that I own is my vehicle. It was recently assessed by the county assessor for $1,168 which is less than the value for the state or federal exemption for vehicles.
Is there anything else in our home I need to be worried about? Electronics, appliances, etc.?
I would not worry too much unless you have crazy artwork or something. But then again, TBE should cover that anyway.
I think you are in good shape overall.
Talk to 5 attorneys, they can vary dramatically.
Some are just stupid, some are sleezeballs, some are lazy, and some will know their stuff and you will get a good vibe from them.
I filed everything myself because 3 attorneys told me there was no way I would pass the means test.
I had no issues but I am extremely thorough and even obsessive.
I don't recommend it to others.