What is your payment on chap 13??? How was it figured

[253BK]

I am trying to figure this all out! I have 4 homes total and would love to keep all of them BUT just cant swing it when renters dont pay up!

We make 5500$ monthly plus my commissions that come and go since I am in real estate they are far and few right now!!! I am trying to figure out how they will figure out a payment for us!

SO what is your payment and how much monthly dispoable income did you have???

[lrprn]

I am trying to figure this all out! ... SO what is your payment and how much monthly dispoable income did you have???

Although each of us 13ers can give you these figures from our cases, they won't help you figure out what your payment might be.

Ch 13 payments are worked out through a complex set of cross-comparisons of income, assets, secured and unsecured debts, and living expenses on the Means Test and Schedules. Two people can have the same amount of debt or the same income, but very different monthly Ch 13 payments.

Take a look at the Ch 13 Means Test http://www.uscourts.gov/rules/BK_For...m_22C_0407.pdf . Looking through all the line items, it's easy to see how many differences there can be between different filers who happen to have the same income or total amount owed.

Whatever the disposable income showing when you complete the Means Test approximates your monthly payment. Some courts use the difference between Schedules I vs J instead - varies depending on the prior case law and local court culture and practices in that district.

[SinkingFast]

Your $$$'s per month will be all your disposable income.

As Lrprn said, how much disposable income you have is kinda complicated.

You can run this Mean Test calculator and get a general, rough idea where your payment would be.

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

As Lrprn said,......... Your Court could take in other factors. Maybe even use your actual living expenses. Schedules I compared to J, to determine your payment.

Lots of variables is why we can't tell you for sure.

As you Consult around with attnys in your area, you'll get a better feel for where the number will be.

Also, as you Consult around, try and get some hard numbers from attnys. What they say they'd allow for food for a family of your size. Is your auto insurance and transportation expenses in line with what they'd submit? If you smoke, will various attnys submit tobacco expense or is that taboo in your Court.

Start saving receipts to see how much you spend on what. Try to go for a budget on the high side while you look for areas to cut. That'll help get you some buffer for those times when a car needs repair or you have an emergency pop up.

[253BK]

Sounds good! I will be asking some hard questions when I meet with her!

[SinkingFast]

Sounds good! I will be asking some hard questions when I meet with her!

You're going into Ch 13 for the next 3-5 years. You wanna be sure you're gonna have a partner who's gonna be there down the road.

You may wind up hiring this one, but,............. Do yourself a favor and Consult with several. At least 3-4. Before you decide THE one you want to work with.

[CATCHMEIFYOUCAN]

I didn't have any assets, just my car. My Means Test put me in the negative -$60, while my actual schedules I & J showed $800 disposable income! The Trustee went after the $800 of course!

Best of Luck, Catchmeifyoucan

[MajorMike]

Catch me? How did that happen?

[CATCHMEIFYOUCAN]

Whooooooo knows, guess with the Means Test it has more to do with actual debt vs IRS standards, and income. Whereas I&J sees debt vs how much you make forget the standards. Anywho, I was given a choice in the end. Quit on job or be in Ch13 cell for 5 years. Working 2 full time jobs threw me way over the Median for a Single, no asset person in the Eastern District of Virginia.

Catchmeifyoucan

[MajorMike]

Were happy to be in a 13.Make too much to do a 7, will be cleaned up with credit faster in a 13, car will be paid for and it's only $200 payment over the car payment. Happy with that.

[leftyf]

I'm in the opposite situation Catchme...my I&J is very negative, but my means test is slightly positive. I guess you spend less than the IRS guidelines and I spend much more.
I wonder what the trustee will go after, if anything. I'm trying to file a 7.