All the pennies within the last six months.... what the heck does that mean?

What does "all the pennies in the last six months mean?" The means test looks at all the pennies in the last six months. You must take this test in order to qualify for bankruptcy. The means test counts every penny for the last six months starting the last month before filing bankruptcy. So if you file bankruptcy on November 10, 2007 you must count all your pennies within the months May 1 through October 31.

It truly comes down to every penny that has been acquired by you in the last six months. So our calculation begins with every penny you have earned within the last six months. Then you add every penny earned by your spouse if you are married. Then you add every penny from the sale of property received with that six month period. Add every penny from a 401(k) or other pension cash out. They key term here is "cash out." If it is a loan don't add the pennies. Then you look at the pennies from your tax refund. Look at the tax refund pennies but you do not have to add them to your calculation. However, if your parents, roommate, significant other or other parties have given you money on a regular basis or one large lump sum you will need to add these pennies to your means test. Do you have income from social security? Then like tax refunds you do not need to count these pennies for your means test calculation.

As you can see not only is a penny saved is a penny earned but pennies do add up and count towards your means test. So be sure to know how many pennies you have acquired during the last six months and tell your attorney about them. It could make the difference between filing a Chapter 7 or a Chapter 13 and if you live in the Kansas City Missouri District it could make the difference between qualifying for bankruptcy and not.

Bankruptcy Statistics

Quarterly Filings by State (2006)
2006
State First Second Third Fourth


Alabama 3,687 4,915 5,557
Alaska 95 176 177
Arizona 1,499 2,329 1,975
Arkansas 1,786 2,468 2,644
California 6,543 9,704 10,983
Colorado 1,483 2,688 2,892
Connecticut 786 1,785 1,216
Delaware 325 387 399
District of Columbia 98 145 145
Florida 4,833 6,506 6,963
Georgia 8,643 9,582 10,977
Hawaii 181 274 256
Idaho 526 799 802
Illinois 6,157 7,587 8,402
Indiana 3,818 5,871 6,352
Iowa 841 1,243 1,407
Kansas 1,070 1,774 1,817
Kentucky 2,264 3,059 3,561
Louisiana 2,058 2,933 3,221
Maine 227 324 377
Maryland 1,960 2,435 2,555
Massachusetts 1,388 2,090 2,278
Michigan 6,686 7,989 9,556
Minnesota 1,326 1,964 2,179
Mississippi 1,572 2,181 2,606
Missouri 3,095 3,931 4,492
Montana 403 565 433
Nebraska 750 1,033 1,145
Nevada 888 1,422 1,571
New Hampshire 322 464 550
New Jersey 2,829 3,593 3,612
New Mexico 511 636 635
New York 5,262 7,820 7,385
North Carolina 3,848 4,153 4,503
North Dakota 128 175 222
Ohio 5,875 9,148 10,047
Oklahoma 1,239 1,758 2,112
Oregon 1,571 1,999 2,306
Pennsylvania 4,871 5,984 6,621
Rhode Island 301 397 433
South Carolina 1,348 1,513 1,604
South Dakota 154 263 253
Tennessee 6,551 7,930 9,505
Texas 7,225 8,541 10,133
Utah 1,072 1,427 1,471
Vermont 133 179 158
Virginia 2,598 3,151 3,483
Washington 2,370 3,102 3,268
West Virginia 556 760 851
Wisconsin 1,967 3,189 3,126
Wyoming 122 203 200
Guam 24 26 44
North Mariana Islands 0 8 1
Puerto Rico 900 1,252 1,567
Virgin Islands 6 3 8
United States 116,771 155,833 171,146