New Policy RE: Using Mortgage Payments on Means Test?

[angles]

To me it would make sense provided the filer intended to vacate the property. But then some reasonable rental costs would have to be included in the schedules adding to the possibility that there could be some debate about that number from the Trustee.

If the filer plans to pay and stay…it makes no sense, as a mortgage is a large debt that should not be shouldered by the filer. It defeats the purpose of filing for BK.

Either way, I don’t see this as benefiting the process. Hopefully our government is wise enough to see this. Obviously this is a ploy by our industrious banking system looking for another avenue to improve their bottom line.

[newbie2]

Talk to another attorney. It sounds like this one is using a ruling that involved car loans, and applying it to mean home loans.

[shark66]

AFAIK, incorrect unless it's a local CA thing which I doubt.

Good luck.

[discouraged]

Hope, actually know, one of the more knowledgeabl efolks will chime in, but didn't happen with me. My attorney used both and everything went fine. I did not file until March 2010.

[DirkDiggler]

We met with our attorney today and he said as of Dec 2010 there is a new policy regarding using 1st and 2nd mortgage payments on the means test and we wouldn't be able to use the figures on our means test, unless we re-affirmed our mortgages. Is this true?