question about payments

[CityGirl]

I know I make too much money to qualify for a Chapter 7 but how do I figure out my monthly payment on a chapter 13.
Is there a calculator somewhere? thankyou

[Granny]

I know I make too much money to qualify for a Chapter 7 but how do I figure out my monthly payment on a chapter 13.
Is there a calculator somewhere? thankyou

I found several but it is all going to be dependent on where you file and how the claims are filed, what is secured, what is unsecured, etc.

Here is a link to Best Case software. It is software for attornies but it has a demo that you can use.

http://www.bestcase.com/download.htm

In theory, your payment should be what is leftover after you complete Schedule J, but I found that is definitely not true in my case and from what I have read in other posts, it is not true a lot of the time. The attorney's and trustees will cut your expenses where ever they can to increase the payment, especially if you are over the median. We were under the median and they still cut most of my expenses, including food, gasoline, medical and clothing...however, let me add that we are trying to keep an secured asset and the expenses had to be cut to keep that asset. We are keeping the asset because that asset is what creates my hubbies income. No asset means no income.

I also found a couple of spreadsheets by various attorneys or trustees but they were from my part of the country. I found these by Googling Chpater 13 payment calculator and then searching. I would provide links, but I didn't save them.

Good luck and may your payment be low enough that you can afford them.

[lrprn]

How much have you made in the last six months? Do you own a house, cars, other assets? How much secured and unsecured debt do you currently have? Are you married? Do you have children? Do you own a business? Which state do you live in? It will help us help you better if you share more about your financial situation.

I found several but it is all going to be dependent on where you file and how the claims are filed, what is secured, what is unsecured, etc.

Granny is right. To learn more about Ch 13 and how the payments are calculated, read these excellent Ch 13 Basics resources:

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html

http://www.abanet.org/publiced/practical/bankruptcy13_whatis.html

http://moranlaw.net/13workings.htm#Chapter%2013%20practice

Also here is a website with interactive sample Ch 13 forms that you can place your figures into to get a very rough idea of where you might stand - http://www.legalconsumer.com/bankrup...0801#QuickTest . Go to the top of the page and change the zip code to your own.

*REMEMBER* there are many local variations and interpretations in how the forms are filled out across the country. You really do need to have an experienced Ch 13 attorney to help you file if you decide to proceed. After the new bk law passed a year and a half ago, it's much too complicated and there's too much variation between trustees and bankruptcy districts for a Ch 13 filer to go it alone without a lawyer (file pro se) any longer.

[CityGirl]

Thank you Granny and Irprn.
To answer your questions:

I had a good last 6 months to be honest but I work on commissions so they'll be lower the last 6 months of the year. ( one reason I'm trying to hold off ) I'd say I made about 30K in the last 6 months which is well above the state median. I don't own ANY assets. My car is upside down but current on payments. $55K in unsecured debt and I owe $4500 to the IRS from a 2002 tax bill. I'm single, no kids, no business, New York. Thank you again!

How much have you made in the last six months? Do you own a house, cars, other assets? How much secured and unsecured debt do you currently have? Are you married? Do you have children? Do you own a business? Which state do you live in? It will help us help you better if you share more about your financial situation.


Granny is right. To learn more about Ch 13 and how the payments are calculated, read these excellent Ch 13 Basics resources:

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html

http://www.abanet.org/publiced/practical/bankruptcy13_whatis.html

http://moranlaw.net/13workings.htm#Chapter%2013%20practice

Also here is a website with interactive sample Ch 13 forms that you can place your figures into to get a very rough idea of where you might stand - http://www.legalconsumer.com/bankrup...0801#QuickTest . Go to the top of the page and change the zip code to your own.

*REMEMBER* there are many local variations and interpretations in how the forms are filled out across the country. You really do need to have an experienced Ch 13 attorney to help you file if you decide to proceed. After the new bk law passed a year and a half ago, it's much too complicated and there's too much variation between trustees and bankruptcy districts for a Ch 13 filer to go it alone without a lawyer (file pro se) any longer.

[SinkingFast]

Try this online Means Test Calculator:

http://www.legalconsumer.com/means-t...ator/index.php

Trustee administration fees are posted according to the Court you'd be filing in:

http://www.usdoj.gov/ust/eo/bapcpa/2...3_exp_mult.htm

The calculator allows for the zip code you live in. So once you plug in all your info, you may get a good rough "guesstimate" Plan payment amount.

[lrprn]

I had a good last 6 months to be honest but I work on commissions so they'll be lower the last 6 months of the year. ( one reason I'm trying to hold off ) I'd say I made about 30K in the last 6 months which is well above the state median. I don't own ANY assets. My car is upside down but current on payments. $55K in unsecured debt and I owe $4500 to the IRS from a 2002 tax bill. I'm single, no kids, no business, New York.

Holding off to file until your last six months income is at its lowest is the best way to go in Ch 13. If your car is upside down, you'll need to discuss with your lawyer if it's best for you to not reaffirm this loan when you file.

Your 2002 taxes....it's possible that given how old they are, they *might* be dischargeable if they meet the following criteria:

"The first test is known as a "three-year rule," meaning that the income taxes on the gross receipts had to be due three or more years before the filing date.

The second part of the test is known as a "two-year rule," meaning that the debtor had to file the return at least two years before filing for bankruptcy.

The third part of the test is called a "240-day rule," meaning that taxing authorities must have assessed the tax at least 240 days prior to filing for bankruptcy with the addition of all the applicable stays. For these rules to apply, the tax return had to be filed by the debtor himself and not by the IRS after assessment." (from http://www.abiworld.org/AM/Template....ONTENTID=43548)

If your 2002 taxes have a tax lien imposed by the IRS, then these taxes can't be discharged through bankruptcy.

The good part is that if you do still owe the taxes, they can be paid in full through your Ch 13 plan.

Start making appointments with 3-4 experienced bankruptcy lawyers in your area - most give free initial consultations. It's best to do this at least four months before you file Ch 13. You can lay out your situation and find out what decisions need to be made to give you the best outcome in the long run.

[CityGirl]

you guys are so great! Thank you for taking time out of YOUR weekend to help me out. I can't tell you how much this forum has helped ease my mind.

The car I have that is upside down has a really low interest rate and I intend on keeping it for 4 more years until it is paid off. Is that possible?

[CityGirl]

wow, I just took the means test and I passed! I can file Chap 7!! cool!

[lrprn]

The car I have that is upside down has a really low interest rate and I intend on keeping it for 4 more years until it is paid off. Is that possible?

Yes, it's possible to keep it.

How you pay for the car will depend on whether the car payment is paid by your trustee through your plan or by you directly outside your plan. Your lawyer (when you get one) can help you sort out which is best and whether you will have to sign a reaffirmation agreement with your car lender or not.

[Bandit]

wow, I just took the means test and I passed! I can file Chap 7!! cool!

I just passed that too. It put me into a negative of $645 per month ($-645) to pay all my bills in the next 5 years and I did not even include half of the medical bills that will be coming.
I guess sometimes it pays to not have much to begin with, not that I actually like not having much but I am still content and thankful for the things I do have.

[leftyf]

I passed the median test by a lot ($1K) and I make about $5K over the median, but the attorneys and experts on this board keep telling me I will be filing 13 anyway...so beware. Apparently, I don't understand the whole story...the attorney and trustee have not reviewed my budget yet and there may be things I am counting that are not allowed. For example, my wife attends school part-time and I pay for daycare full-time...this is what helps me pass the means test. Do I really need to pay full-time daycare for a non-working spouse who only takes 1 course? I don't know what will be said about that...we'll see.
Lefty

[CityGirl]

Well, I will do either chapter. Paying 500 a month compared to 1300 I'm paying now will be a huge relief!!!
The upside to a 13 is that you're out in 5 years and it's off your credit faster...

[nojusticehere]

Ok, someone please explain this. I was certain that I'd have no choice but to file a 13, but I took the Means Test listed above, and I Passed. I was -602 per month. I make almost double the meidian family income, I'm single, no assets, etc. So how did this happen? I don't on a home, I have no assets, etc. I have roughly 73000.00 debt, 60000.00 being secured debt (autos). This may change of course once one of the cars get repoed. I live in florida. I thought I made entirely too much to do this. Is this accurate? Hmmm

[nojusticehere]

Now I did the test without 1 vehicle (after repo) and of course I failed. But the average payment plan amount is $647.00 which is better than what I'm doing now. This amount includes all debts (also est of what will be owed after repo is sold). If this amount is correct, it is very doable and would really help me. Of course, this all remains to be seen after I speak with the atty's tomorrow. Keep your fingers crossed for me.

[lrprn]

One reason you could be getting an unexpected result - did you use the mandated amounts that must be used in some areas of the Means Test? These are found at http://www.usdoj.gov/ust/eo/bapcpa/2...anstesting.htm. For these lines, you can't use your own actual expenses.