Had our 341 Today!

[TooMuchCredit]

Thanks for the fast response.. I can't sleep.. We just don't wont to loss my house and my wife mothers house that we are paying for.. from what I got,, looks like my DMI is around $800, until 12/12 then increase by 550, because I will have a 401k loan paid off then. But I know they will say that is not enough to pay back 150000 un secured.. I hope I can work something out when I file either in Oct or Jan 1..

Thanks

I was stressed out the whole time up until confirmation. If you've stopped paying credit cards, the first headache is the collections calls. One of mine was a real pain. They called everyday even though I had a lawyer. They wouldn't stop until I had an actual case number. I didn't answer the phone one Friday and they called my brother and sister who live in other states. The 2 people I really didn't want to know about my situation.

[bklawn]

Yes, I got confirmed 9/10 (yay!). They can argue the amounts on your B22C/Sched. I/Sched J.

If you are paying back a low amount ot unsecured creditors and have a new car, 401K, entertainment expense (sched J), medical expenses, or severly upside down on your mortgage. Expect to have objections.

There was a typo on my original plan (a district specific document) that listed the payback amount and the %. The % was listed incorrectly as 0. I had about 10 objections just because of that. (all of the ones above).

I was very upside-down on my house and originally told that lien strips were not done in this district. My house appraised over $100K below what I owed. I was really worried I as going to have to surrender it. However, a few months down the road it was found that strips could be done.
I successfully stripped my 2nd which seemed to change things.

My 1st is very close to IRS averages so that fixed that. I was able to document my medical expenses. I had a history with my 401K contributions and they were only 5%. Now, dropping my 2nd causes my withholding to have to increase so I don't owe taxes next year. There was a bit of back and forth on how much.

Here Sched. J is important and must mesh with the DMI on B22C.

Thanks for the fast response.. I can't sleep.. We just don't wont to loss my house and my wife mothers house that we are paying for.. from what I got,, looks like my DMI is around $800, until 12/12 then increase by 550, because I will have a 401k loan paid off then. But I know they will say that is not enough to pay back 150000 un secured.. I hope I can work something out when I file either in Oct or Jan 1..

Thanks

[TooMuchCredit]

Toomuchcredit, did you get confirmed? Are the trustee going out side of your DMI amount and raising your repayment plan?

Yes, I got confirmed 9/10 (yay!). They can argue the amounts on your B22C/Sched. I/Sched J.

If you are paying back a low amount ot unsecured creditors and have a new car, 401K, entertainment expense (sched J), medical expenses, or severly upside down on your mortgage. Expect to have objections.

There was a typo on my original plan (a district specific document) that listed the payback amount and the %. The % was listed incorrectly as 0. I had about 10 objections just because of that. (all of the ones above).

I was very upside-down on my house and originally told that lien strips were not done in this district. My house appraised over $100K below what I owed. I was really worried I as going to have to surrender it. However, a few months down the road it was found that strips could be done.
I successfully stripped my 2nd which seemed to change things.

My 1st is very close to IRS averages so that fixed that. I was able to document my medical expenses. I had a history with my 401K contributions and they were only 5%. Now, dropping my 2nd causes my withholding to have to increase so I don't owe taxes next year. There was a bit of back and forth on how much.

Here Sched. J is important and must mesh with the DMI on B22C.

[bklawn]

I am in GA too. Had my 341 in April and am still not confirmed. Not to be a downer, but the 341 was the easy part. In a few days, the objections should be sent out. Hopefully, you won't have any.

Toomuchcredit, did you get confirmed? Are the trustee going out side of your DMI amount and raising your repayment plan?

[jade73]

They want more $$ :-)

Is that what they want? I noticed on there that a fine my husband is paying is one of our payments in question. It is $132/month and they said something about disposable income? We have three more years on that just as we do our plan, who knows!

[TooMuchCredit]

Got our objections letter today. We had 4 objections...

They want more $$ :-)

[jade73]

We were there a total of 15 minutes. We were the first ones called. There was a total of 15 of us there and that was including 2 lawyers, a creditor(not for us) and the trustee. We answered all the questions honestly and he told us good-bye! What a relief!

Got our objections letter today. We had 4 objections...

[joek]

I mean will the trustee stop the plan not creditor

[joek]

I am in georgia also, I have 14,000 unsecured priorty to the IRS, no allowable claims from other creditors. My attourney recently filed an objection to the IRS disputing the amount and it was lowered. I am in my 41 month of a 60 month plan. With the amount left oweing the IRS after it was lowered, the plan at my current rate will be paid off in 5 months. I dont understand what will happen to the rest of the months of the plan since the IRS will be paid off and no allowed unsecured creditors left to pay. Will the creditor stop the plan payments or let them continue for the full 60 months and refund me?

[bklawn]

It was an additional $1200-$1500. Mine was added to the plan. I think that all depends on your lawyer.

Thanks TOOMUCHCREDIT, but today I found out that my first was less than what my house appra for by 12,000.. I was so mad..and paid $275 for it.. well I guess I cant be to gre... just need to get the 153000 unsecured off of me and my wife.. filing in Oct.. Love this Websit...

[TooMuchCredit]

How much does it cost a ruff est.....? and can it be added to the plan.

It was an additional $1200-$1500. Mine was added to the plan. I think that all depends on your lawyer.

[jade73]

Henry county area.. I'm planning on filing in ?Oct.. Did your payment change from what your lawyer said it would be? Was he correct on the payment Plan?

Unless I hear otherwise, it is correct

[bklawn]

Yeah I will be very glad when it's all over!

You need to get an appraisal of your house to strip the 2nd. If the appraised value is less than what you owe on the FIRST mortgage, then that opens the door to strip the 2nd. It's usually an additional cost to do this. It involves an additional hearing - either motion or adversary proceeding. As to which one it is depends on the judge you get.

How much does it cost a ruff est.....? and can it be added to the plan.

[TooMuchCredit]

Wow! I bet you will be glad when its all over. Thats alot! How did you strip your 2nd mortgage?

Yeah I will be very glad when it's all over!

You need to get an appraisal of your house to strip the 2nd. If the appraised value is less than what you owe on the FIRST mortgage, then that opens the door to strip the 2nd. It's usually an additional cost to do this. It involves an additional hearing - either motion or adversary proceeding. As to which one it is depends on the judge you get.

[bklawn]

It went very smooth but we also didn't have alot of credit card debt. We had mostly signature loans and the reason we filed was we were 4 months behind on the house and wanted to keep our home. Hopefully yours will go as smoothly.
What part of GA are you in?

Henry county area.. I'm planning on filing in ?Oct.. Did your payment change from what your lawyer said it would be? Was he correct on the payment Plan?