Disposable Income

[wm7888]

hey lrprn,
I'm not behind on any payments but cc's,but yes I need to keep my home and a few assets.The 400 is kinda what I cam up with.I can tweak it both ways I have a little wiggle room.We are a family of 6.My budget is still less than the irs allowances for a family of 6.I can easily take it to $200 dmi A month without any red flags,but $400 is my true dmi with no funny stuff,so would it be best to tweak my budget down to $200 and then save that money.

[rjl0206]

Hypothetical question

Lets just say if your Disposable Income AFTER exemptions/Means test is about $1800 and your debt is about $1200/month (100% payment plan), can the trustee take all your disposable income to make your bk13 be paid off faster or will they take just the $1200 or so for the next 5 years? again this is just hypothetical as I just wanna know what the method to the madness we call bk13!!.. thanks

[justbroke]

Lets just say if your Disposable Income AFTER exemptions/Means test is about $1800 and your debt is about $1200/month (100% payment plan), can the trustee take all your disposable income to make your bk13 be paid off faster or will they take just the $1200 or so for the next 5 years? again this is just hypothetical as I just wanna know what the method to the madness we call bk13!!.. thanks

The Bankruptcy Code reads "all projected disposable income" is submitted to the supervision of the Trustee. Not "only the amount necessary over the life of the plan".

Therefore, your plan would be shortened.

[completelybroke]

Would taking out a loan against a car that is owned outright help the DI go down?

[justbroke]

Would taking out a loan against a car that is owned outright help the DI go down?

Now, that is what we call Strategy! Even if it's a relative, this will work the DMI down.

[spearmint]

it can get confirmed, you get a 0 % payback and basiclly pay your trustee and laywer.

there have been cases of this.

othewise you may be forced into a 7 but still get to keep the things you wanted to in a 13.

If i am not mistaken the judge can modify the 13 any way he wishes.

but the point is maybe not get the income to 0 but get it lower that 400.

But what about in the case of a deb that HAS to be paid back? Surely then you want to show some disposable income.

[mmenz22779]

that debt should be listed already on your bk paperwork. All Debts need to be listed on that.

so the final number even though is - would reflect that,

But most laywers will tweek the paperwork if they can to bring it to a very small positive. like under 100