Means test is the starting point for the person who is going to file bankruptcy. Some of the mistakes people done in means test are common. They need to look at them carefully and keep an eye on your mistakes. For the guide you can take guide of bankruptcy lawyer Frederick and they will tell you about your mistakes.
Courts take the extreme view of your home and you have to count on every person of your home. Your household size is used to determine income and family expenses. Your income on list should match to the income documentation. Date of paychecks and issue date timing will affect your income. You should be careful about the financial document and share family resources. If you are actually paying child support income then mention it otherwise do not list it as an expense. Don’t mention it if they are paying to you. If you are surrendering your house to the mortgage holder then you can only do standard housing deduction. Don’t adjust it to match the mortgage payments you are not paying anymore. frederick bankruptcy lawyer law is strict and will take a look at all your documentation clearly so make sure you are not making any blunder. 401K retirement account contribution and 401K loan repayments are not deductible. Cell phones are included in standard deductions, your child education expenses due to your employment situation are deductible but other than that college expenses are generally not deductable. If you are providing incorrect figures and incorrect dates of the paychecks then it may lead to the incorrect income amount used to determine your eligibility for test. Bankruptcy test compare your income to the last 6 months and it may be differ vary from your current income. Many people claim standard car ownership deduction even they don’t make any monthly car loan or payments. If your spouse is not filling bankruptcy test then you must mention your spouse unfilled income and if they are earning significant amount of income then it will be hard for you to pass means test. In that case martial adjustment section will help you to pass the means test by deducting your spouse income from your household income.