Thinking of filing Ch.7. One question about 6 month income

Good question someone with experience in the new bankruptcy laws will be along to help you.

ladybug

I know the laws have changed. But when I filed over 10 years ago I remember something was said about winning the lottery and getting some money when someone dies. One was ok but the other could be taken. But I can't remember.

I know there are some people in here that are very good in this subject and will probably answer this for you tomorrow.

Yes there is a question on there about have you received any money within like a year or 6 month time frame if I remember correctly and also have you sold any property. I filed in 2003 so I can't really remember without pulling my paperwork out. Someone will be along. Have you talked to a bankruptcy attorney yet? If you are going to file or as you stated your thinking about filing that is a question to ask.

ladybug

When I filed Chapter 13 last year (yes, under the NEW bankruptcy laws), I had to provide both my recent paystubs AND my tax return for the prior year.

I don't know if it's the same for Chapter 7, but it might be.

I'm not sure if the pension check will cause a problem or not - that's definitely a question for a bankruptcy attorney.

It is the same for Chapter 7 under the new laws. You must provide your last 6 months of paystubs, last years tax returns, and any bank statements covering the date you filed. But in the questionares there are questions about funds recieved in the last year. But those funds do not count as your income, unless they are regularly recieved.

For my chapter 13 we had to submit our last 6 months paystubs and our last 8 months of bank statements.

Wow - For the 7 they only make you submit your bank statement covering the filing date and paystubs for the last 6 months . . . . But these could be different everywhere depending on what the Trustee wants.

I still don't think that a one time check would be considered income.

I don't think so either. I think what they are looking for is to see if you have money stashed somewhere that could otherwise be used to pay your bills.