When I file bankruptcy, will I have to prove I have money saved since I haven't been paying my mortgage? 7 Answers as of April 22, 2015

I haven't paid my mortgage payment and am filing for bankruptcy I have not left the home yet. On schedule I put an estimate of what rent will be once I move out.

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Ronald K. Nims LLC | Ronald K. Nims
There is no requirement that you have any savings to file bankruptcy. In fact, most people who file have little or no savings. The expenses that you report should include estimates for future monthly expenses that are reasonable in amount and expected to occur. There is a section of the petition for expected changes in expenses.
Answer Applies to: Ohio
Replied: 4/22/2015
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
See your attorney, and generally your budget is prospective, not historical in nature.
Answer Applies to: Michigan
Replied: 4/21/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Schedule I is for current monthly expenses and that indicates expenses you currently are paying. If you aren't paying for housing, you can't claim a housing expense on Schedule I.
Answer Applies to: Nevada
Replied: 4/21/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You are only responsible for listing accurately what your assets are when you file. Estimated rent is OK. Show it as "estimated".
Answer Applies to: California
Replied: 4/21/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You cant put your future rent, it has to be actual rent paid. Your arrears is used to pass the means test but your schedule I should be actual payment.
Answer Applies to: New York
Replied: 4/21/2015
    Idaho Bankruptcy Law | Paul Ross
    No, you don't have to save up the payment you would have paid for a mortgage. In fact, that would hurt you in Idaho. Schedule I and J are the budget moving forward and anticipated changes. Your rent addition is likely correct. If you want to keep the home and cure the arrearage, you will need to file a Chapter 13 though. Unless you have resigned to giving up your home.
    Answer Applies to: Idaho
    Replied: 4/21/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    You won't have to prove that you have money saved unless your papers are so open to doubt that a creditor or trustee will want to do a thorough inquiry and that is rare. If you are doing a Ch. 13, however, someone at the Meeting of Creditors may well ask how you can manage to make plan payments if you have not been paying your mortgage (since that is generally the highest priority in payment). Of course, on your papers you will have to disclose all your assets and debts, including of course savings. Depending on how much you have saved, you may or may not be able to exempt all of it. You would do yourself a favour by retaining an experienced bankruptcy lawyer. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 4/21/2015
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