My Income Is Above Median Can I Still File Chapter 7? Maryland Bankruptcy Attorney скачать в хорошем качестве

My Income Is Above Median Can I Still File Chapter 7? Maryland Bankruptcy Attorney

Thoughts from a Baltimore bankruptcy attorney: http://www.drescherlaw.com Chapter 7 relief is not necessarily denied to a debtor just because their income is above the median income for their state. Such debtors may still qualify for Chapter 7 relief but instead of filling out the 1 page short form they will have to complete the 7 page long form. The long form contains a series of deductions that are based on national and local IRS standards as well as certain deductions that are specific to the debtor. National deductions: • Food, clothing, other items • Out-of-pocket health care Local deductions: • Housing and utilities, non- mortgage expenses and rent • Transportation, ownership costs such as maintenance and fuel Needs-based deductions: • Taxes • Court ordered payments • Union dues • Life insurance • Childcare Secured debt deductions: • Mortgage payments • Car loans • Amounts needed to cure arrears on secured debt IRS national and local deductions are available at http://www.usdoj.gov/ust/ The long form is used to ascertain a debtor's net disposable income. This figure is reached by subtracting the permitted deductions from the debtor's gross annual income. After doing this analysis, an above median income debtor may still qualify for Chapter 7 if monthly net disposable income x 60 months is less than (I) 25% of the debtor's non-priority unsecured claims in the case, or $7,025, whichever is greater; or (II) $11,725 To see more about the means test see this video:    • Bankruptcy: What is the Means Test? Maryla...   To see the median income for your state click here: http://www.justice.gov/ust/eo/bapcpa/... Thoughts from a Maryland Bankruptcy Lawyer Ronald J. Drescher Drescher & Associates, P.A 4 Reservoir Circle Suite 107 Baltimore, MD 21208 (410) 484-9000 Fax (410) 484-8120 Rondrescher@Drescherlaw.com http://www.Drescherlaw.com FaceTime rondrescher@mac.com Skype ron.drescher Practicing in Maryland, Delaware, Virginia, Pennsylvania