Sacramento bankruptcy Attorney07-08-2014
Example 2:



Single individual

Person resides in Texas

Current monthly income = $3,500

Current monthly expenses = $3,350

Unsecured debt = $25,000



The chart for median income for Texas, single earner, shows the median at $33,280 per year, which is $2,773 per month.



Since this person is above the median income for the state, we need to do the Calculation Step associated with the means test, and then move to Question #3. So current income ($3,500) less expenses ($3,200) equals $150, times 60 equals $9,000 as the RESULT of our calculation.





$1195 for a chapter 7 bankruptcy07-08-2014


EXAMPLES



Here are some hypothetical examples to help you figure out where you might stand using the above rough guide to the new bankruptcy law.



Example 1:



Family with 2 people working

Family lives in California

Current combined monthly income = $2,000

Current monthly expenses = $1,800

Unsecured debt = $25,000



The chart for median income for California, 2 earners, shows the median at $74,638 per year, which is $6,220 per month. Since this family is well below the median income for California, they will most likely qualify for Chapter 7 bankruptcy
Only $1195 for a chapter 7 bankruptcy07-08-2014
When Do I Stop Paying?
As soon as you know that you are going to file a bankruptcy case,
STOP PAYING ON EVERYTHING EXCEPT THE THINGS YOU WANT TO KEEP.Home, Car.......

Sacramento Bankrutcy Attorney07-08-2014
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