Here Is Your Open Thread
Gregory M. Owens is a partner at a law firm who lists “his current monthly income as $31,500, or $375,000 a year.” He recently filed for personal bankruptcy noting in his petition that he “had $400 in his checking account and $400 in savings,” and $900 worth of clothing and a broken watch. How did this come to be?
How far does $375,000 a year go in New York City? Strip out estimated income taxes ($7,500 a month), domestic support ($10,517), insurance ($2,311), a mandatory contribution to his retirement plan ($5,900), and routine expenses for rent ($2,460 a month) transportation ($550) and food ($650) and Mr. Owens estimated that he was running a small monthly deficit of $52, according to his bankruptcy petition. He has gone back to court to get some relief from his divorce settlement, so far without any success.
In his petition, Mr. Owens said he didn’t expect things to get any better in 2014.
Photo: Dana Voss
Support The Billfold
The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.
Comments