Opinions on my expenses??

[spooby72]

I have listed my expenses and they are true and accurate. I did want to see if you all thought I may want to lower any of them just to save myself some grief...my mortgage and utilities are more than IRS averages for my area but I have a new 5bd/3b two story home and keeping it warm/cool in Kansas is tough. All of my other expenses seem under the IRS tables I have seen so that should be in my favor.
Mortgage 1247.32
Elect and Gas 175.00
Water and Sewer 95.00
Telephone/Internet 70.00
Trash/Cells/HOA/Cable 137.00
Home Maint. 25.00
Food 450.00
Clothing 75.00
Medical/Dental 10.00
Transportation 325.00
Recreation/YMCA Club 49.90
Auto Insurance 39.00
Personal Property Taxes 25.00
Personal Care/Hair Cuts/ Misc. 75.00

3 Person Family/ 2 Cars
Income 2743
Expenses 2798 -55 in the hole each month....

Is there anything I should change or list differently....

[davidb81]

how many people are in your family?

[edwards2]

How many people are in your family? A lot does depend on where you live. For example, in Tennessee where I live, one trustee thought $250 a month for gasoline was excessive(?). Of course once she realized it was for 2 cars and the price of gas has skyrocketed she relented. We, like you, had higher expenses on a few things and lower on others. Our attorney went over our expenses and made them "fit." It turns out our biggest problem with expenses was our son's tuition. Again, once we explained the situation, the trustee accepted the expense. Your expenses sound reasonable to me. If you have an attorney he will go over them with you. Good luck.

[spooby72]

3 People, 2 car Family

Whooops...left out the most important part!

[edwards2]

Spooby72 - sorry I just saw your message to me. I think your expenses look completely reasonable. The only one they MIGHT look at more closely would be transportation. We listed $250 and they questioned that? Gas costs a fortune and they think that is high? We have 2 cars too. Of course when I filed gas was cheaper so I am sure it will be no big deal for you. Good luck...let us know how your case is progressing.

[HHM]

Well, if that is what you actually spend, then so be it. But yes, transportation seems high unless there is a good explanation.

[freshstarter]

Well, if that is what you actually spend, then so be it. But yes, transportation seems high unless there is a good explanation.

Isn't that within the federal guidelines of maintaining vehicles?

[HHM]

Isn't that within the federal guidelines of maintaining vehicles?

If it is, care to enlighten us with a link?

For bankruptcy purposes, transportation costs are really just fuel costs and routine maintance if you own a car, (if you don't use a car, it would be subway and bus fare).

With fuel costs going up, having transportation costs over $300 is not that unreasonable, but it depends on what you drive, how far, etc etc. $325 is not per se unreasonable, but it will probably illicit a question from the trustee, so spooby ought to be prepared to explain.

[hhou812hh]

If it is, care to enlighten us with a link?

For bankruptcy purposes, transportation costs are really just fuel costs and routine maintance if you own a car, (if you don't use a car, it would be subway and bus fare).

With fuel costs going up, having transportation costs over $300 is not that unreasonable, but it depends on what you drive, how far, etc etc. $325 is not per se unreasonable, but it will probably illicit a question from the trustee, so spooby ought to be prepared to explain.

I too was wondering about this. My car payments are separate from my "transportation expenses"? I thought it was all the same.

Thank you again HHM!!!

[freshstarter]

http://www.irs.gov/businesses/small/article/0,,id=104623,00.html

[hhou812hh]

can I assume that "ownership Costs" would be considered monthly payments and "Operating Costs & Public Transportation Costs" would be considered repairs, insurance, etc.?

If so I would nearly qualify for a ch7 but for other reasons I will still file a 13. I just feel better designing a 13 plan since my disposable income is much less then I thought it was based on IRS standards.

I tell you the people in the media spread fear like wildfire when reporting about the new bk laws on how it will kill the poor and working class. The poor will still qualify for a 7 and the working able body folks will still pay back pennies on the dollar even based on the IRS tables. I was under the impress that the IRS tables would kill us all, but they are actually withen what I spend on reasonable expenses anyway. Just wish the new ch13 was still 3-5 years instead of only 5.

Thanks very much freshstarter!!

[accentone]

Sorry to be dense about this, but do you mean that when preparing a budget you have to list your car payment separate from your "transportation costs?" The actual car payment is considered an expense, isn't it?

[hhou812hh]

Sorry to be dense about this, but do you mean that when preparing a budget you have to list your car payment separate from your "transportation costs?" The actual car payment is considered an expense, isn't it?

I too was wondering about this It seems that car expenses & car payments are separate. The for/schedule J states not to list car payments. They are to be listed under installment loans.

http://www.uscourts.gov/bkforms/official/b6j.pdf

[HHM]

Correct, there is a space on Schedule J for installment loans (and I think there is one in particular for Auto Installments), and that is where your car payment goes. Transportation expenses are things like fuel for your car, and amoritized maintance (I say amoritized because on average we don't really have car maintanence every month).