Budget - thoughts!

[bugasbaby]

Thanks SM....I get paid every two weeks and hubby gets paid every week...So I get $1,655 every two weeks and he gets $400 a week. Ok I just figured it out...I see where you get the $ 5,319.00.

Attorney did say they will step up the payments when the loans come off..which I am fine with...I am not looking not to pay back what I owe and if they want it they can have it!

Thanks again for your input!!

[NoMoreCards]

I may be off base here, as I have never had any type of HOA. However I thought that was to cover home maintenance. If that is true, you possibly (although unlikely) may get questioned about the additional 100.00 for home maintenance.

Just a thought.

[SMinGA]

I noticed an earlier thread where you mentioned 401k loans. It will probably be written into your plan that when the loans are paid off, your payment to the trustee increases by the same amount.

[SMinGA]

Overall I don't see a significant problem. Work Lunches + Food = $625, is that within the IRS guidelines for a family of 3?

Recreation/entertainment @ $125 for 3 could be deemed too high. I think $75-100 is the norm, even for larger families.

Other than that, make sure you are using the correct income figures. At your current net, do you generally receive a tax refund or owe? You may need to adjust withholding to aim for as close to even as possible. And is that an actual monthly average? If you bring home $2455 every 2 weeks for example, then your monthly net is not $4910. Its actually $5319.

Also make sure the atty is not counting your bonus in your monthly income for schedule I, if it is a one time thing and not guaranteed to repeat. You'd want it stipulated that any bonus gets forwarded to the trustee but not want that in your monthly payments. If your atty is calculated it wrong, that could be why your atty thinks you could/should pay an extra $1175/mo beyond what you calculate.

[bugasbaby]

I've been lurking around for a while and we are still considering the BK 13 route. I've done the NOLO means test and came up with about $ 420 to pay monthly...the attorney we spoke with said 100% pay back...I just don't see it...I received a bonus, after taxes, of $13,500 this year (I know if I still receive these over the life of the plan I will have to give them to the trustee) I would appreciate any thoughts regarding my proposed budget. Thanks

Net Income Monthly $4,910
NY Resident - family of 3

Mortgage: $936
Co-op Maintenance $765
Homeowner's insurance: 40
Electricity: 100
Cell phone/pager: 105
Cable/Internet/Phone 175
Home Maintenance: 100
Food: 500
Household items (non-food items): 100
Hygiene supplies: 50
Clothing: 100
Laundromat, detergent, softener, etc.: 40
Prescriptions and "OTC" medications: 75
Recreation & entertainment: 125
Presents for holidays, birthdays, etc.: 100
Charitable contributions: 22
Auto Insurance: 140
Car Payment $ 521
Gasoline: 160
Tires: 25
Auto repairs: 50
Vehicle maintenance: 50
Vehicle tax & registration: 30
Haircuts: 25
Work lunches: 125
Pet food/supplies: 40
Total living expenses $4,499