If you are filing for bankruptcy, an experienced Lake County bankruptcy lawyer can help you determine your monthly expenses. This process may seem daunting, but your attorney is experienced in navigating the process and will make sure you will be able to calculate your expenses appropriately.
One method of helping your bankruptcy claim is by reducing your current monthly income (CMI). If your income is greater than the median income according to the tables, the IRS allows you to deduct the following:
- Necessary living expenses
– Living allowances
These are established in their National Standards and Local Standards. The IRS will then use the standards to determine your ability to pay any taxes you owe.
The Local Standards determine roles for deducting the following:
The Local Standards, which are also known as Collection Financial Standards, vary by state and, in some cases, by county. By contacting us we can inform you of any implications that may affect you.
Some housing and transportation expenses are listed separately under secured debts. These expenses include car payments and mortgages. Any amount you spend on car payments and mortgages must be included in the secured debt section. If the amount of your payment is greater than the cost of owning your vehicle, then enter a zero. The form will not recognize negative numbers.
Vehicle transportation is a different matter entirely. These do not vary by state, but by region (Northeast, Midwest, South and West). These amounts are listed in the Local Standards. Keep in mind the figures for owning and driving multiple vehicles. This includes operating costs, as well as public transportation costs.
For more information on how you can determine your monthly expenses in your bankruptcy case, contact Lake County bankruptcy lawyer Merideth Nagel, P.A., Attorney at Law at 352-404-4634, or toll free at 877-580-6868.
Serving West Orange County, Lake County, Sumter County & Marion County
The more I get to know her the more convinced I am that she is the right attorney for me. The compassion and integrity I have seen is quite remarkable and I highly recommend you use her office to service… ~ Kelly,
Ms. Nagel represented my wife and I in a bankruptcy case and also in a recent real estate transaction. I felt compelled to share our experience. Ms Nagel and all of her staff handled everything in a very professional matter… ~ Mike,
Merideth Nagel has been a help to me, over the last 10 years, for multiple legal issues! As her client, and as a realtor who utilizes her real estate and title services, Merideth, along with her phenomenal staff, has afforded… ~ Tiki Jackson,
“If it weren't for Merideth Nagel and her top-notch team of seasoned professionals, I shudder to think where my family would be today. At this firm, you are not a name, a face, a case number, or a quagmire. You… ~ Heather, Clermont
“Merideth and her team have been a real blessing to me over the years! She helped me with real estate several times and estate planning. I can recommend her with full confidence!” ~ Nancy, Orlando
“We utilized Nagel Law to assist us with a real estate transaction a little over a year ago. Merideth and her entire staff treated us with the utmost professionalism as well as eased our minds pertaining to this transaction. We… ~ Lynette, Orlando