100% Paypack Question

[JRScott]

Okay berrymom adding up your totals in the summer you say 5121 dollars (avg sports costs over the year) and in winter you'd say 5171 dollars (utilities higher in winter). So it does look like you have disposable income however you mention you didn't include monies for clothing (a necessary expense) but I don't think you have the 2000 dollars.

Have you considered seeing another lawyer for a second opinion, in fact might be good to see 3-4 more. Be sure to come up with a clothing number. Also if you give to charity such as your church make sure to count that (usually 10% is considered acceptable).

I think you are a Chapter 13 case but I think the payment can be lower, so I'd look around some .

PS: I've had folks message me asking why life insurance is bad for kids. This is not something about trustees but basic economics. A burial policy is fine, even a slightly extra to cover lost wages incurred (probably enough to cover a couple months wages). However there is no sense in getting hundreds of thousands of dollars in life insurance on a child. It is a money pit some fall into. Most children do not continue the payments when they reach adulthood. From an economic viewpoint the child is not an income earner, is not taking care of a family and thus there is no need for an income from the child after their death.

[rrockinggramma]

yes 401 K are exempted not sure about the payments into the 401K however. and with 36 K equity, you would have to pay at least that amount back to your creditors (could be more depending on all your other factors)

[woeisme]

She said her 36K equity is covered by her state's exemption (40K exempt) so I don't think she would necessarily need to pay back 36K in a CH 13. She'll probably need to get a house appraisal just to prove that she doesn't have non-exempt equity (mine cost $300, bummer!) but hopefully her trustee won't be so picky that she's asked for an appraisal. I don't know what mine was thinking since we only bought our house 3 yers prior to filing for $75,000, home prices dropped since then, but still wanted an appraisal to make sure we didn't have non-exempt equity in excess of what we were proposing to pay into the plan (we're paying $66,000!) so my house would have had to more than double in value in 3 years to be more than 66K above the exempted amount, for pete's sake! But still had to fork out the $300...