GREAT NEWS FOR CHAPTER 13 DEBTORS, U.S. Supreme Court

[sheilaE]

Is this in effect in ALL district right now?

[researchnerd]

Awesome news. We just filed on 5/28 and DH's unemployment ended the same week. Hopefully we can now exclude that income from our Plan, because it's simply not there any more.

[ColoradoBell]

WOW...couldn't have come at a better time, especially for me.
There's about a $6500/mo difference in last 6 months over next 6 months.
Thank you for posting this HHM...otherwise, its been a pretty down day.

[tigergem]

Kudos to my judge and trustee for putting this into effect in my district well before this ruling!

[HHM]

I should clarify, this ruling doesn't necessarily change how a 1 time income event would affect your ability to qualify for chapter 7 under the means test as far as calculating whether you "qualify" for chapter 7 BK. This ruling is specific to chapter 13 BK's and how you actually calculate a chapter 13 payment once chapter 13 is a foregone conclusion.

[Mi Bankruptcy]

lol.. always falls back to congresses fault..

[newbie2]

The US Supreme Court upheld the ruling out of the 10th circuit of In Re Lanning

http://www.supremecourt.gov/opinions/09pdf/08-998.pdf

Hamilton v. Lanning 08-998

The Supreme Court has adopted the Forward looking approach for determining disposable income. In a nutshell, no more stupid objections from Chapter 13 trustees if you have a bonus, severance, or other 1 time income event in your prior 6 month look back. Chapter 13's are to be based on a common sense understanding of "projected" disposable income.

It's about darned tootin time!

[HHM]

The US Supreme Court upheld the ruling out of the 10th circuit of In Re Lanning

http://www.supremecourt.gov/opinions/09pdf/08-998.pdf

Hamilton v. Lanning 08-998

The Supreme Court has adopted the Forward looking approach for determining disposable income for the chapter 13 plan payment. In a nutshell, no more stupid objections from Chapter 13 trustees if you have a bonus, severance, or other 1 time income event in your prior 6 month look back that eschews your monthly payment calculation. Chapter 13's are to be based on a common sense understanding of "projected" disposable income.