341 sch for Friday 1/30

[mbutterfly]

Well, my 341 is coming closer... I am so ready & thankful to this forum!

[justbroke]

Good luck with your 341. It should be a breeze! Over before you know it.

[mbutterfly]

Well, we just had our 341 meeting... it was a breeze... Got there an hour early sat down heard about 3 cases prior to us.

basic questions;
state you names
Have you reside in FL for the past 2 years
Did you sign and understand your bk petition
Are there any errors on your bk petition
Our earnings for the past 6 months?

Trustee stated that our BK petition was one of the best one he ever processed. Trustee was pleased with our monthly payment and he stated that would not change.... now we just wait for claims to be filed and our confirmation is sch for March.

The case prior to us they got grilled.... the lady won $$ from lottery and did not disclose and it seems that she was hiding $$$and the Trustee kept asking question , her case was not confirmed.





There was a case prior to us

[justbroke]

Congratulations!!!

Welcome to Club 13!

[mbutterfly]

Thank you Justbroke! you always give good advises.. you are my mentor

Here's to my club 13 humster dance
http://www.youtube.com/watch?v=_1_kgNp9oQg

[liz417]

Hi Mbutterfly,

Congrats on your 341 going so well...

[jrny2freedom]

Question about 341

My 341 is feb 24th. I have always claimed 9 dependants on my w-4 so that i could have more money on my check. i then pay my taxes with my yearly bonus. Given the changing times and the realization that bonus' may become a thing of the past, I lowered my deductions amt to 4. Now my check is going to be 400.00 a month short. Should i advise my lawyer now (before my 341) or wait and see what the trustee says? I don't think I can make it on 300.00 a month - for electric bills etc... But, i know i would have a very hard time coming up with money to pay taxes next April. any advise would help!

[justbroke]

My 341 is feb 24th. I have always claimed 9 dependants on my w-4 so that i could have more money on my check. i then pay my taxes with my yearly bonus. Given the changing times and the realization that bonus' may become a thing of the past, I lowered my deductions amt to 4. Now my check is going to be 400.00 a month short. Should i advise my lawyer now (before my 341) or wait and see what the trustee says? I don't think I can make it on 300.00 a month - for electric bills etc... But, i know i would have a very hard time coming up with money to pay taxes next April. any advise would help!

Let's get through some basics of income in a Chapter 13.

A Chapter 13 is calculated based on your gross income. It is the value that you get paid before taxes. Then, the Means Test and Calculation of Current Monthly Income Form (Form B22C) allows certain deductions.

One of those deductions are for payroll taxes. You shuold tell your lawyer so that your plan can be adjusted accordingly. If you submitted that your taxes are, say, $1,000 per pay period, when they are actually, now, $1,400 per pay period, then that's $400 that you need to address.

I had a similar issue. I claimed 25 exemptions on my withholding statement W-4 (family of 4). Since filing, and surrendering one home, I had to reduce that to 15 exemptions and adjust my CMI/DMI calculation accordingly. (DMI - Disposable Monthly Income)

I don't know how you only have $300/month to live. The form (B22C) is used specifically to calculate what your DMI is, after paying reasonable expenses according to the IRS allowances.

[jrny2freedom]

I feel my attorney rushed me through my signing appt and I left without fully understanding things. i bring home 4000.00 per month and with my proposed pymt to the trustee of 1160 and my mtg pymts (1st and 2nd) plus car I am at 3000 already. that does not include car insurance, gas, electric, water, and food. I think i need to re-visit my numbers with him. would you agree?

[justbroke]

I feel my attorney rushed me through my signing appt and I left without fully understanding things. i bring home 4000.00 per month and with my proposed pymt to the trustee of 1160 and my mtg pymts (1st and 2nd) plus car I am at 3000 already. that does not include car insurance, gas, electric, water, and food. I think i need to re-visit my numbers with him. would you agree?

ABSOLUTELY. I think there's something wrong if you only have $300/month left.

Are you single? Do you have dependents?

I'm just totally summarizing, but a single person with no dependents should be getting at least;

1. $507/month for food
2. $57/month for misc out-of-pocket healthcare (if under 65 years old)
3. $352/month for an apartment/housing (based on the POOREST county in America Chickasaw County, Mississippi).. NOTE: this doesn't apply to you as you get to deduct your entire house payment.
4. #369/month for electricity, natural gas, other utilities (based on the POOREST county in America Chickasaw County, Mississippi)
5. $201/month for a single car (based on owning a car in the South Region and not in a major metropolitan area where it could be more).

So just my paltry calculation shows an allowance of $1,134.00 a month for a single person, with a car (that has a $489/month payment), living in the poorest southern State and County in America.

And, that's without me trying or doing some special things. Additional money you're allowed would be the difference between $489 and your actual car payment! You could claim additional home heating costs, and a variety of other "allowances".

Now, if you have arrearages from your mortgage and/or tax issues, this could be forcing you into a higher payment. However, you should still have enough to live as NO Judge will confirm a plan where you only have $300/month to live on.

[lrprn]

I feel my attorney rushed me through my signing appt and I left without fully understanding things. i bring home 4000.00 per month and with my proposed pymt to the trustee of 1160 and my mtg pymts (1st and 2nd) plus car I am at 3000 already. that does not include car insurance, gas, electric, water, and food. I think i need to re-visit my numbers with him. would you agree?

Are you or is your trustee making your secured loan payments? (In other words, are your secured payments for your home and car made inside or outside your plan?) Please ask your lawyer to make sure, because if your trustee is making one or more of these payments, then that will free up more than $1000 you are calculating to have currently.