Schedules I / J / 22C - Please review and provide opinions

[jmac]

Why in the world would money obtained from a room mate have anything at all to do with your income? There is no guarantee that you will see this money from month to month. If their name is not on a lease or mortgage, it is none of the Court's business.

I with you screw them...

[newbie2]

Why in the world would money obtained from a room mate have anything at all to do with your income? There is no guarantee that you will see this money from month to month. If their name is not on a lease or mortgage, it is none of the Court's business.

The BK courts have made it their business: "All household income". If you have a roommate who contributes to the household then it has to be included.

[kornellred]

Why in the world would money obtained from a room mate have anything at all to do with your income? There is no guarantee that you will see this money from month to month. If their name is not on a lease or mortgage, it is none of the Court's business.

[Cristo]

Congratulations! 0% sounds great! Hopefully you will go through with no problems. Keep us posted.

[FishersMike]

Cool. Awesome. Now I feel a bit better

[HHM]

Okay, I see what you are saying; the problem was in how quickly I read through your original post

However, be prepared for some push back. It is unsettled whether you can take the ENTIRE allowed ownership expense and that issue is presently before the Supreme Court. The issue before the Surpreme's is whether you can take the allowance if you have no car payment...but that ruling will probably (hopefully) clarify if you take the difference if you pay less. IRS regulations take the position that you take the lower number.

[FishersMike]

I got through the signing process. It will be filed on 11/10/10 as they do batch filing. Plan payment will be a little less than $720.00 total. Got to only pay 3.8 percent interest on vehicle as that is what original loan was for, otherwise he said he would have put in 4.25 percent. 0 money for un-secured.

[FishersMike]

Has something changed from October 15th that I am not aware of? Because to be honest I am 100 percent confused... and my attorney must be too.

The posts on the subject I thought was talked about on:

http://www.bkforum.com/showthread.php?63348-Cramdown-Questions-for-Auto-IRS-Issues-Too

And justbroke was saying the following:

When you cramdown the vehicles, you will get up to two allowances. First, there's the Ownership allowance. The national ownership allowance is $489 per vehicle. If your crammed down (or actual) payment is less than $489, then you get the difference as an additional allowance (on the Means Test). If it's more than $489, you'll probably get some trouble from the Trustee anyhow, but would be allowed to include the total payment on the Means Test.

First, in a Chapter 13, you'd probably be in a 60-month plan. You just take the balance of the car loan and divide by 60 (in a 5 year plan). So, $18K / 60 = $300. So your monthly payment plan would be $300 to the creditor. You'll get two credits towards your expenses. On the "Ownership" allowance, on Form B22C, you'll get $489-$300 = $189/month as an allowable expense. On Line 47, secured debt payments, you'll include the $300/month to the secured creditor! See how it works! Pretty cool stuff if you ask me. Additionally the $7K difference would be pooled with the other unsecured debt like your credit cards.

[HHM]

It appears your are double dipping the Car Payment on B-22. You took the IRS Ownership Cost and the Secured Debt Payment, that will not fly (this issue is in front of the Supreme Court right now). Or, at least the way you presented the numbers, it appears that way. You may need to "net out" the allowed out of pocket medical and the other medical expenses you claim.

Your schedule J is too tight in certain areas. Food is low. But, since you have to pay priority claims and secured debt, I guess there is a minimum payment you will need to make, so that makes sense.

[FishersMike]

Thanks
They only advised would take an hour.

[Cristo]

Cool. Let us know how it goes. I think it's always best to do what you have done and try these things yourself so that you can have the best discussion with them. Don't worry about offending anyone, it's your future. My signing appointment took 3 hrs (and all next day to recover) but I'm glad I went through everything. good luck.

[FishersMike]

Attorney hasn't seen these schedules yet. I did them all on my own in Best Case. My signing appointment is in about one hour.... hopefully I don't offend them. Can't do anything with Chapter 7 as I just recently filed returns and owe for 07/08/09 years. I wish though lol.

[Cristo]

The numbers all look pretty good to me. This is a good plan if you can afford it. It looks like you are claiming less than the IRS limits on the sch. J so you can show a viable plan. Looks like your attorney did a good job of making sure unsecureds get pretty much nothing and you only pay your car, taxes and attorney fees, which you would have to pay anyway. If you can live on the amounts you list you should come out pretty good at the end of your plan........provided I am reading this right.

If the taxes are less than 3 years old then they cannot be dismissed in a ch 7 or I would say try to get a 7.

[Pandora]

LOL! No... I didnt think that at all (double dipping) .... as I said, I must've been reading it incorrectly (and I was obviously) since you had stated it was "in addition to". Now I understand what you're saying; its not an additional expense, its just that you did it separately on the forms.

I'm with ya now ;)

[FishersMike]

No the $321.00 is from payroll deductions on Schedule I. The $341.00 was breakdown on means test 22c so they are same but shown in different spots. On 22c it also has the charitable contributions in it. I am not double dipping if that's what you're thinking.