question about monthly payments

[wrenegade]

Sorry for so many questions, but ... I have so many questions
My means test and schedules I&J show "disposable" income of 900-1000 per month. But it would only take 400-500 per month over five years to pay all of my secured and unsecured debts -- 100 pecent of them.
Am I allowed to submit a plan that pays those debts over a five-year period (I'm over the median income) or will the trustee take all 900-1000 I supposedly have left over each month to pay the debts over a shorter amount of time?

[tjs1970]

why are you filing BK if you have this much extra income ?

[wrenegade]

why are you filing BK if you have this much extra income ?

uh ... unemployment ... medical expenses ... monthly payments that aren't allowed to be included in the means test and schedules ...
regardless, I was just looking for an answer to my question, not to be questioned by others.

[tjs1970]

you said that you could pay back all of your unsecured debts in five years for half of your disposable income..........either #1 you are not claiming all of the exemptions that you could be claiming to reduce the disposable income, OR............you have enough disposable income where it would not make sense to file BK..........so either, suck it up and pay, hide some money in a mattress, safe or online sportsbook, or find some other ways to exempt some expenses

[DeadManCrawling]

Wren,

don't worry about others questioning your situation. The obvious part of this is that interest on these debts is eating you alive and filing CH 13 can slow that and end the debts.

The trustee's job is to go after every last dollar of DMI. So, if your are showing that much DMI, I would triple-check your figures. You probably missed a dozen things. Then, think about expenses that have been neglected, like dental, medical, or home maintenance. Think hard, there are some, almost certainly. Then add them.

If you are still not where you need to be,think about term life insurance in a reasonable amount. Nothing wrong with protecting your family, and we never know what might happen. The other positive aspect of this is term life can be cancelled at any time if circumstances dictate.

Talk to your attorney about this as well. They have far more experience than we do wwith what are acceptable expenses and plans.

In any case, don't pay attention to folks who do not know your particular circumstances on this forum.

1k in DMI does not mean a person has the ability to repay the debts. I have lived through this myself. Anyone who cares to read my past posts can see that, in the beginning, I had a ridicuous amount of money (and debts) and there was simply no way the two would equalize.

Good luck to you!

-dmc

[tjs1970]

be more specific in posts and people wouldnt have to ask more and more questions to give you a solid answer.........bottom line

[wrenegade]

Thanks Dead Man. I appreciate the non-judgemental advice.

[LimpDisc]

you said that you could pay back all of your unsecured debts in five years for half of your disposable income..........either #1 you are not claiming all of the exemptions that you could be claiming to reduce the disposable income, OR............you have enough disposable income where it would not make sense to file BK..........so either, suck it up and pay, hide some money in a mattress, safe or online sportsbook, or find some other ways to exempt some expenses

Why did you file BK? You should suck it up and pay!

Do you really have to be an ass and judge others???

[jwmc1]

I find it rediculous that some on here would think people are filing for bankruptcy just for the fun of it.

Post your budget and give us your household size and other pertinent info. You are likely missing some items you havent thought of.

[Walter]

1k in DMI does not mean a person has the ability to repay the debts. I have lived through this myself. Anyone who cares to read my past posts can see that, in the beginning, I had a ridicuous amount of money (and debts) and there was simply no way the two would equalize.

We are in the same boat (except without all that money).

Debtor SS disability, which is exempt but reported on Schedule: $1500/month
Non-filing spouse, unemployed and receiving unemployment: $1200/month

Because the SS is not backed out of Schedule I like it is on Form 22, we are showing like $800-$900 in DMI, though 100% of the income - SS disability and unemployment - is exempt?

On Form 22, we show negative DMI, given SS is backed out...but looking at Schedule's I and J, they are rich...no jobs and disabled and all.

I am worried that the Schedule I/J will force them in Chapter 13, despite the means test.

Thoughts (aside from feelings that this is "so much income" and to "suck it up")?