If you file a Chapter 13 plan you will be required to submit a budget that calculates disposable income left over when you deduct your monthly expenses from you monthly income. These expenses do not include you payments on unsecured debts. An attorney will assist you with these calculations. If your Current Monthly Income is higher that the State Median Income for your household size you will be subject to a Means Test. This Means Test adds up your total expenses as defined by the Bankruptcy Code and other deductions including regular charitable donations (up to 15% of your income), school expenses, payments on 401(k)/IRA loans, and health insurance. If you are subject to this calculation an attorney will help you perform this task.
For assistance with these and other matters related to filing bankruptcy, contact John Rogers, Attorney at Law, at johnrogers@glasgow-ky.com or toll free at 1-888-651-9353.  Also, visit our website at www.bankruptcy.ky for more information.