Posted on: 01st Sep, 2009 03:15 pm
Question... in the means test what does the disposable income payment cover? I have secured and unsecured debt but my secured debt total is almost all of my disposable income for 60 months. Would all of my secured debt fall under the payment plan using the disposable income payment or are only certain secured loans eligible? My husband and I have a home loan, mobile home(other than my primary home), a tractor, a boat, a jet ski, two vehichles. Then, how is the percentage of unsecured debt calculated that I would have to pay back? Help please....
Check this outt
http://www.mortgagefit.com/bankruptcy/meanstest-expenses.html
http://www.mortgagefit.com/bankruptcy/ch7-pension.html
http://www.mortgagefit.com/bankruptcy/ch13-meanstest.html
http://www.mortgagefit.com/bankruptcy/meanstest-expenses.html
http://www.mortgagefit.com/bankruptcy/ch7-pension.html
http://www.mortgagefit.com/bankruptcy/ch13-meanstest.html
the disposable income is the amount of income left to an individual after taxes have been paid. this is the amount available to you for spending and saving. you should note that if your total disposable income is less than $6000 in 5 years, then you would be able to file chapter 7 bankruptcy. if your disposable income is more than 10,000 in 5 years, you would not be eligible for filing chapter 7 bankruptcy. if the disposable income for 5 years is between $6000 and $10,000, then you'll have to calculate your total unsecured and non-priority debt. you can contact a bankruptcy attorney and he would help you in calculating the unsecured debts.