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  1. #1

    Default Means Test Income vs Schedule I

    Means Test requires past 6 months ALL sources of income; yet, Schedule I requests "estimate of average or projected income....". Even the instructions at top of Schedule state "average monthly income calculated on this form may differ from 22c".

    We had a 401K cash out in Oct, not a loan, to ease some pain, approx $3500. Therefore, do we have to wait another 6 months from Oct, so as not to include this 1-time source of income? Plus, my wife's overtime should be decreasing, so it may be worth it.

    Thanks,

    Sorry, a little early in the morning.

    My question was, do we have to report ALL sources of income for the past 6 years on the Schedule I, or what our "projected" salaries, with OT, projected bonuses, etc average out to in the current, and upcoming 12 months.

    I know we don't pass means test, due to high income. Our mortgages, cars, and student loans are all current. Just alot of cash advances the last few years to make ends meet (e.g. 3 layoffs between the two of us). Been paying on the $50,000 credit card debt, but felt like we've been getting nowhere. Output has been $400 more than input. Tired of robbing Peter to pay Paul.

    More questions coming in regards to home repairs, repayment plan, corporate credit card behind, etc.

    Thanks,

  2. #2
    Join Date
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    Default Re: Means Test Income vs Schedule I

    The purpose of the means test in Chapter 7 is to determine if you qualify to proceed with a Chapter 7 bankruptcy. The purpose of disclosing your income in Chapter 13 is to determine your disposable income for your repayment plan. Thus the focus is somewhat different.

    You tell the truth on every document you file.

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