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means test to file bk

Date: Mon, 07/27/2009 - 18:06

Submitted by anonymous
on Mon, 07/27/2009 - 18:06

Posts: 202330 Credits: [Donate]

Total Replies: 3


i took online means test but am a little confused . i want to have a little info before i see my lawyer, when i took the means test there standard detuctions depending on family size for utilities and food ect. , after that there was a tranportation deduction for cars or public trans. i have two cars that are paid off not worth too much but the one question is do i get to take this deduction ? I believe the total amount was 200.00 per car , up to 2 cars .also i have a student loan that i pay 160.00 per month can i deduct that from my income on means test ? this could be the difference between 7 and 13


The Government Means testing page, see Section 4b for Vehicle Allowance.

More about Means Test here:
"http://www.bankruptcylawinformation.com/index.cfm?event=dspMeansTestDetails"

Student Loans are in the list of the IRS Other Necessary Expenses for health and welfare of debtor and family or production of income, according to the website above (remember to remove the inserted space).


lrhall41

Submitted by Chrys Henderson on Tue, 07/28/2009 - 01:03

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i'v been to that web site. it justs seems like alot of money that they would let me keep for the transportation.
With the student loans , are you saying that in a way the money i pay will come off my disposable income ?
One more question i took loans out of my 401K to try to pay cc , i pay them back the mpney comes out of my check. i read that , that is also dedtuctable is that true


lrhall41

Submitted by on Tue, 07/28/2009 - 01:53

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That's a good question for your attorney. According to Section 102 of the Bankruptcy Code [11USC??707(ii)(I)]Quote:

the monthly expenses of the debtor shall not include any payments for debts.
(page 6 of the BK Code on PDF). Your retirement funds are completely protected, but I'm not sure if you borrow against that, I would assume that to be a normal Secured Debt. Since it is Secured, I would think so.

Student loans are a bit sticky,though. Not sure on that one.


lrhall41

Submitted by Chrys Henderson on Tue, 07/28/2009 - 02:23

( Posts: 2538 | Credits: )