Income not enough for a 13?

[jefferson]

when I use the IRS deductions I dont seem to have any or much disposable income.

We make approx 3500 a month. I have 4 kids.

Does anyone have any idea what the expense chart would be.

Do I make enough? I cant do a 7 because It hasnt been 8 years yet.

[rrockinggramma]

do you have any priority debt? Such as the IRS, vehicles, mortgage arrears?

If most of your debt is unsecured, then hopefully an attorney can squeeze something out of your budget. I am sure there are some corners you could cut to get it done.

[jefferson]

debts

I have alot of unsecured. 2 car payments and a mortgage.

[rrockinggramma]

r u behind on the cars and the mortgage? If not and it is just unsecured debt, you would only need 100 a month in disposable income to be able to do a 13. I never had to do the means test or schedule J or whatever it is but lots of others here have.

Have you talked to an attorney yet

[optimistic1]

when I use the IRS deductions I dont seem to have any or much disposable income.

We make approx 3500 a month. I have 4 kids.

Does anyone have any idea what the expense chart would be.

Do I make enough? I cant do a 7 because It hasnt been 8 years yet.

Easy,

Most likely you will be under the median income for a family size of 4 on that amount of income.

Simply calculate what your monthly NET (take home pay ) income is, make sure you do it correctly. Use this link to help you.

http://www.creditsoup.com/resources/calculators/monthlyincome.asp

Then, utilize this link, and add up all of your monthly expenses.

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

Subtract your expenses from your monthly income.

This will be what is considered your disposable monthly income.

If it is negative, you will have to trim your budget to atleast make it 0.**

If it is positive, then tell me what it is.


** although having 0 dmi may not necessarily constitute that you can propose a confirmable plan, circumstances apply.

[lillybell]

Schedule J & 22C

I was reading this post and I have a couple of questions: My 22C gives me $146 disposable income; (and $386 TT fees). But, on my schdule J I am in the negative. And when you fill out your "plan" it ask you for the NDI on Schdule J--am I reading this correctly? Can I use the DMI on my 22C?

Please I need some help---thanks-I was kicked out of 7. Didn't pass the means test--and I have no non-exempt assets, mine are all exempt.

thank you..

[jefferson]

Easy,

Most likely you will be under the median income for a family size of 4 on that amount of income.

Simply calculate what your monthly NET (take home pay ) income is, make sure you do it correctly. Use this link to help you.

http://www.creditsoup.com/resources/calculators/monthlyincome.asp

Then, utilize this link, and add up all of your monthly expenses.

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

Subtract your expenses from your monthly income.

This will be what is considered your disposable monthly income.

If it is negative, you will have to trim your budget to atleast make it 0.**

If it is positive, then tell me what it is.


** although having 0 dmi may not necessarily constitute that you can propose a confirmable plan, circumstances apply.

I get around 200 to 300 dollars. Using both net incomes.

[optimistic1]

Ok, hopefully you calculated it correctly and didnt forget any expenses.

Now it comes down to your debts,

What type do you have, unsecured credit cards? Secured mortgages or vehicle loans?

What state do you live in?

What type of asset's do you have?

This is next step, where you will determine just how much $$$ you need to fund a plan.

Once you give me this, we can move into another link to see if your preliminary plan will be feasible.


Lastly,

Use this link, and tell me if based on your family size and income, are you above or below the median?

http://www.usdoj.gov/ust/eo/bapcpa/20090315/bci_data/median_income_table.htm

[jefferson]

Below the median,


I have a mortgage 849 mo
alot of Credit cards

2 auto loans. 150 and 270 mo.

basic assets. clothes, furniture.

Im a farmer. I have some goats and a stock trailer.

2 atvs. one is my sons and one my daugters. I have payments on both of those

1 94 larson ski boat. almost paid off.

[Ckacrum]

This will be what is considered your disposable monthly income.

If it is negative, you will have to trim your budget to atleast make it 0.**

This is whats getting me. When I figure our monthly outgoing we're left with barely the exemption for food, clothing, household goods in Indiana for a family of 4. I have nothing left for vehicle operating costs, medical, yada yada...
Our lawyer didn't see a problem funding a ch13 with a payment of $365 a month. So something going to happen when we meet for our plan review and budget, because he's either going to lower the payment or something cause we're not living on less than $350-$400 a week. Period!

2 atvs. one is my sons and one my daugters. I have payments on both of those

We have one also that is financed. Our lawyer said he could try to squeeze them by, but the trustee would probably want more % to go to unsecured since and ATV is a luxuary item in their eyes. More less say goodbye to the Atv's. Already kissed mine goodbye. lol

[optimistic1]

Below the median,


I have a mortgage 849 mo
alot of Credit cards

2 auto loans. 150 and 270 mo.

basic assets. clothes, furniture.

Im a farmer. I have some goats and a stock trailer.

2 atvs. one is my sons and one my daugters. I have payments on both of those

1 . almost paid off.

Ok, I assume you are current on your mortgage, if not list your arrears amount.

The two vehicles, has 910 days passed since you last financed either one of the vehicles, and does your spouse use the other car? If so, list the Kelly Blue Book value of the vehicles, and whether or not you are upside down on them.

What is the value of the Ski boat?

Also, if you tell me what state you live in, we can look at what is considered exempt and what is not.

These assets and your state exemptions will drive your ability to fund a 13.

When you determined the disposable income, you added in all these payments on these secured loans correct? And still had about $300 to pay each month?

The short answer to your question is that based on what you have told me thus far using the links I provided, if after paying all of your living expenses you have $300 left. And some of these loans you have may be modified to free up even more money to pay out each month to keep some of your assets like your boat and such. It seems very likely that you will have the ability to fund a 13, but in your case I definitely recommend hiring a board certified bankruptcy specialist. They exist, don't hire some injury firm or do-it-all firm, hire only a bankruptcy specialist.

[optimistic1]

This is whats getting me. When I figure our monthly outgoing we're left with barely the exemption for food, clothing, household goods in Indiana for a family of 4. I have nothing left for vehicle operating costs, medical, yada yada...
Our lawyer didn't see a problem funding a ch13 with a payment of $365 a month. So something going to happen when we meet for our plan review and budget, because he's either going to lower the payment or something cause we're not living on less than $350-$400 a week. Period!


We have one also that is financed. Our lawyer said he could try to squeeze them by, but the trustee would probably want more % to go to unsecured since and ATV is a luxuary item in their eyes. More less say goodbye to the Atv's. Already kissed mine goodbye. lol

True, but the idea behind a 13 is to keep what you own, not give it all up.