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When I took the Means Test for Chapter 13 bankruptcy for Astoria, NY, it showed my disposable income as being much higher than it actually is. This is because they didn’t deduct my 401k contributions or my student loan payments. If I file for Chapter 13, will I be expected to stop contributing to my retirement fund and stop making student loan payments for five years in order to repay my debts?
Good question to ask your attorney.
But typically:
A. 401k contributions, unless mandatory, are considered disposable income.
B. Repayment of 401k loans is also considered disposable income, ask your atty about the possibility of a two step plan.
C. Repayment of your student loan may be built into your payment plan.
