need help on means test
Date: Tue, 06/23/2009 - 14:45
I live in PA. zip code is 17067 My before tax earnings are 5400.00 per month.
My household is me and wife and 4 kids.
we have 2 cars but no car payments.
we have student loans that we pay 160.00 per month
when i do the online means test with healthcare , car maint.,
and all other detuctions i pass the means test with about 100
disposable income. I'd like 2nd opion.
my debt is all CC and is 80,000
Yes, since you are in PA and your monthly income is below $7,715
Yes, since you are in PA and your monthly income is below $7,715, you can easily qualify for Chapter 7 bankruptcy. You may however lose your second car to pay back a part of your debt under Chapter 7.
The second car may be an issue...What is the value of the car's?
The second car may be an issue...What is the value of the car's?
From my understanding in PA you can choose Federal or State exem
From my understanding in PA you can choose Federal or State exemptions. Here is what I found on state:
Homestead
None, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse
Insurance
Accident or disability benefits
Fraternal benefit society benefits
Group life policy or proceeds
Insurance policy or annuity contract payments, where insured is the beneficiary, cash value or proceeds to $100 per month
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary???s creditors
No-fault automobile insurance proceeds
Miscellaneous
Property of business partnership
Pensions
City employees
County employees
Municipal employees
Police officers
Private retirement benefits if clause prohibits proceeds from being used to pay beneficiary???s creditors, to extent tax-deferred; exemption limited to $15,000 per year deposited; no exemption for amount deposited within 1 year of filing
Public school employees
State employees
Personal Property
Bibles, schoolbooks & sewing machines
Clothing
Tangible personal property at an international exhibit sponsored by U.S. government
Uniform & accoutrements
Public Benefits
Crime victims??? compensation
Korean conflict veterans??? benefits
Unemployment compensation
Veterans??? benefits
Workers??? compensation
Tools of Trade
None
Wages
Earned but unpaid wages
Wild Card
$300 of any property
The federal is:
Homestead
Real property, including co-op or mobile home, to $17,450; unused portion of homestead to $8,725 may be applied to any property
Insurance
Disability, illness or unemployment benefits
Life insurance payments for persons who depend on debtor, needed for support (d)11)(C)
Life insurance policy with loan value, in accrued dividends or interest, to $9,300 (d)(8)
Unmatured life insurance contract, except credit insurance policy (d)(7)
Miscellaneous
Alimony, child support needed for support
(d)(10(D)
Pensions
ERISA-qualified benefits needed for support
(d)(10)(E)
Personal property
Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $425 per item, $9,300 total
(d)(3)
Health aids (d)(9)
Jewelry to $1,150 (d)(4)
Lost earnings payments (d)(11)(E)
Motor vehicle to $2,775 (d)(2)
Personal injury recoveries to $17,425 (not to include pain and suffering or pecuniary loss) (d)(11)(D)
Wrongful death recoveries for person debtor depended on (d)(11)(B)
Public benefits
Crime victims' compensation
(d)(11)(A)
Public assistance (d)(10)(A)
Social Security (d)(10)(A)
Unemployment compensation (d)(10)(A)
Veterans' benefits (d)(10)(A)
Tools of trade
Implements, books & tools of trade to $1,750
(d)(6)
Wages
NONE
WILD CARD
$925 of any property
Up to $8,725 of unused homestead exemption, for any property
SO.. long story short - you can use federal or state... if you and your wife are both filing you can double your exemptions... so in that case, using federal you could keep 2 cars worth up to $2,775 each. Plus you would have the wildcard you could use (amount also doubled) if not needed elsewhere.
But I would talk with an attorney who can look at the big picture and let you know if there are other items you may risk loosing.
