cost of living

[95kindebt]

I went through the form and looked at the allowable "expenses" is it safe to say that once all those expenses are subtracted from your income, thats ALL the money you have to work with. They don't give you any sort of "mad money" for emergencies etc. in your budget.

Basically they "own" whats left?

[liz417]

That's why it's so important to hire an attorney that knows bk and has experience with what the local trustee(s) would allow. It is important to write a plan that has a little "wiggle room", so prepare for those unexpected expenses. Make sure that you list EVERYTHING, things you don't normally pay/purchase on a weekly and/or monthly basis like contact lenses, subscriptions (OnStar, Sirius Radio, club memberships, etc.), AAA, firewood, etc.

Good Luck!

[liz417]

Oh, forgot to mention that the IRS Standards are just that...guidelines. If you have expenses that exceed the Standards, make sure you save receipts so you can claim more. I was able to claim $725 (my attorney said there shouldn't be any problem ) for maint. and gasoline for one vehicle (husband has an 1-1/2 hour commute on a good day)!

[justbroke]

I went through the form and looked at the allowable "expenses" is it safe to say that once all those expenses are subtracted from your income, thats ALL the money you have to work with. They don't give you any sort of "mad money" for emergencies etc. in your budget.

Basically they "own" whats left?

No, no mad money. What's left after the standard expense deductions goes to the unsecured creditors.

Are you attempting to file pro se in a Chapter 13? As already pointed out, creating a good, workable Plan is very important, as it will be your budget for 3 to 5 years.

[95kindebt]

we're going to hire an attorney.

[justbroke]

we're going to hire an attorney.

Oops... I forgot.

Working with an Attorney, you should be able to get a little wiggle room in your Budget. However, that wiggle room needs to immediately be saved to create a rainy-day fund... and trust me, the rain will come!