Q: My wife are in Allegheny County MD. How much income are we allowed before our wages can be attached?
Also, if I decide to file for Chapter 7 bankrupty, how many years tax forms must we provide?
A:
A minimum of the last two years of Tax Returns, along with all attachments are required. If you cannot find the copies, you can obtain a Transcript of the Tax Return and of the Attachments (they are seperate documents) from you local IRS office for FREE. Don't ask for a Copy, that can be expensive.
Wages are not attached as part of a Bky. They are used to qualify a Debtor, as part of the Means Test. This test is broken into several parts and looks at an average of what you have earned over the last six months, then compares it to others in your area. You only have to pass one part. If your average is above this then certain standardized and variable approved expenses are deducted. Just because you qualify to file a Bankruptcy, does not mean you should. Every case is different and sometimes you could be required to surrender property or pay to keep things that you may feel you should be entitled to. Most attorneys offer a Free Initial Consultation, during which they should address this.
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