This is a question frequently asked.
There is no amount of income that you can
make which by itself renders you ineligible
For Chapter 7 bankruptcy there are really two
separate income tests, what I call the real numbers, and the so-called means test.
But, YOU ARE UNDER OATH IN A FEDERAL COURT, YOU MUST TELL THE TRUTH.
As you may have noticed, telling the truth is not the strong suit of government officials.
A cautionary tale is provided by a, now, former member of the Illinois parole board.
Anyone filing Chapter 7 bankruptcy MUST provide income verification, recent tax returns and pay stubs.
So, I am not sure how this clown, a former prosecutor, no less, got away with this, but he lied about his income in his 2011 bankruptcy, as reported by George Pawlaczyk in the Bellevile News-Democrat:
State salary records show that Monreal, who is an attorney and former Cook County assistant prosecutor, earned $7,900 a month or $94,800 per year, but listed his income in the bankruptcy proceeding as $3,750 per month. Neither Monreal nor his attorney could be reached for comment.
The new documents filed in the bankruptcy in December now list Monreal’s salary in 2011 as $7,908 a month and his wife Nora Monreal’s income as $524 a month. Previously she reported no incomeRead more here: http://www.bnd.com/news/local/article54311030.html#storylink=cpy
The new filings also list “financial assets” that do not appear in the original documents from four and a half years ago. These include an IRA account of $102,701, a state retirement system pension of $18,964 and a “1/6th interest” in a family trust account valued at $334,455.
When cash in two checking accounts plus a State of Illinois life insurance policy with a refund value of $92,000 are added to the assets listed above, the couple’s total assets are $555,698, according to the amended filing. This does not include their Chicago home, valued at approximately $350,000 four years agoRead more here: http://www.bnd.com/news/local/article54311030.html#storylink=cpy