Double Deductions?

[DTCOOPER]

We are in the midst of means testing to make sure we qualify for Chapter 7.
Do we get to take the standard deduction for mortgage, as well as actual mortgage expense?
How about the cars, are they allowed to double dip as well?
We are in Texas.
Thanks,
Daniel

[SinkingFast]

You will get the excess later on the Means Test. On Line 42. Future Payments on Secured Debt.

All Secured Debt payments have to be annualized forward over 60 months.

If you have more than 5 years left on your mortgage, you'll get the full amount there.

Car loans,............. If you're at the start of a 5-6 year loan, you'll get most of what you actually pay/mo. The longer into the note you are, the less and less you'll be allowed.

[DTCOOPER]

THERE IN LIES MY QUESTION THOUGH.
In the body of the means test, it allows you a certain amount for a mortgage or rent.
Then, on part 42, do I list out the whole amount of my mortgate, and get to take that deduction as well, or just the portion of my mortgage payment, which is above and beyond what that standard deduction was earlier in the means test?
Same thing with cars...
I have a truck with a 612.00 payment, wife's car has 365.00 payment.
I think in the means test, it allows you 470 for the first car, and 300 for teh second car (my figures may be off there). My question is, when I list those items in secured debt column (42), do I still llist out their respective whole averaged payment, or just the amount above and beyond the standard IRS deduction amount?

Thanks for your patience with us during this difficult time !!

ALSO- I have a judgement against me, from Ford, for my ex-wife's car getting repo'd. Does this amount factor in anywhere in my means test?

[SinkingFast]

Say you have a $1500/mo mort payment, and the allowable is $900/mo. If you're gonna pay more than 5 more years on the house, you'd deduct the extra $600/mo for the actual mortgage payments.

Cars are treated a bit differently. You have to annualize them forward over the course of 60 months as if you'd just started the loan. So you have a $600/mo truck payment and the allowable is $400/mo. If you're at the start of a 5 or 6 year loan when you file, you'll get most of the $200/mo difference. If you're in the middle or toward the end, you may not get much of any thing, if at all to deduct on Line 42 for your car payment.

We didn't surrender or reaffirm a house or car, so I'm not totally sure how the attnys and the Court calculate those payments. I do know, if you actually pay more, you can get to deduct the excess in almost every case on homes, and many times on cars.

A Judgement for an old car debt may be dischargeable in BK. You might have to do some follow-up work at the Court House to have the Judgement physically removed from file and taken off your public record.