Payment calculator?

[pcn]

Is there a way to estimate what we would pay in a plan? Ive found the means tests online but have not had luck finding anything about payment plans. Where do they come from? Surely people dont file and then get an amount. Wouldn't I need to know what I will be expected to pay before I file? Thanks!

[HHM]

It's easy...

Add-up all your income.
Subtract all your living expenses (mortgage/rent, groceries, phone bill etc).
abracadabra, that is your payment.

[pcn]

The smilie makes me think you are pulling my leg...
But isnt the list of expenses pretty long. I thought I read that even haircuts were included, so it sounded like there were quiet a few things I might overlook trying to do it myself. Is this what the schedule I & J are? Is there an online reference for any of this? Thanks for your help!

[optimistic1]

Here are two great links for you to use.

One is the expense calculator, its adds up all the normal stuff for you, for things that dont quite apply, put it in the other section, keep in mind, your trustee may have his own guidelines on what is allowable without providing proof.

http://www.ca-bankruptcy-attorneys.com/calculators/expense_calculator.html

So, once you determine what your net income is, you would then subtract your expenses from it. Make sure you are accurate when determining your net income.

Once you do that, then use this link. Only enter in your secured claims, like a car, back taxes, mortgage arrears, furniture accounts, remaining attorney fees, and if your in of the 10% unsecured districts, determine your unsecured debt and multiply it by .10

It will automatically calculate your trustee fee @ 10% which may be lower than that, but it wont change much anyhow.

If you are over the state median income level for your state, then your plan length must be 60 months. So take your income minus expenses, and enter that amount as the monthly commitment payment you will be making, then enter 60 months.

At the end it will basically tell you if you need to adjust your expenses either way, to either give you cushion in your plan, or if you need to trim the fat to actually have a confirmable plan.

http://www.trustee13.com/fundwiz/

Let me know if you are confused yet.

[pcn]

optimistic1 thanks! I will go through that tonight. I see several things on there that I wouldnt have thought of (tobacco expenses.., so now I need to start smoking or dipping, huh.. Dont seee any other vices listed though. Where's the beer/whiskey expense row?).

[optimistic1]

lol, your trustee might fight you on the tobacco expense, just to let you know. Beer/whiskey would be clumped into your food expenses, its liquid bread.

PM me if you need help with it.