chapter 13 payments

[jwdad]

I did the means test on NOLO then I noticed that it talks about the DMI and how much there is etc. Just curious. I ntoiced that when it figures the trustee fees for Indiana it is based on the payment of 25% of by unsecured debt divided by 60 and the combo of my 2 car payments and the mortgages.

IF there is $500 DMI does that also go into the plan? I dont see how ass the trustee fee is based on the payment schema I listed above. I am so confused.......

[klandsb]

I am not sure exactly what your asking and believe me I am new to all of this too. I just filed 10-22-09... I am in PA and the trustee fee is 3% (one bright spot in all this) ..
Do you have an attorney in mind yet ?? They would know the % the trustee gets.
Also, is your DMI $500 after the schedules I & J ?????

[lrprn]

I dont see how ass the trustee fee is based on the payment schema I listed above. I am so confused.......

Let's handle the trustee's administrative fee first. If you file after Nov 1, 2009, here's the link to each state's trustee administrative fee - http://www.justice.gov/ust/eo/bapcpa...3_exp_mult.htm . This is the percentage that will be added to your Ch 13 payment when you file, and is how your Ch 13 trustee gets paid for his/her work administering your case for three or five years.

I believe the schema you are struggling with is the formula used to ensure that your Ch 13 payment pays creditors at least what they would get in a Ch 7.

What matters when determining your Ch 13 payment is what shows as your disposable income on the Means Test or Schedule I minus J. Which takes precedence depends on your local court's prior case law decisions or custom.

[jwdad]

Thanks for the info. I hope we qualify for a chapter 7 as we need this fresh start. many factors out of our control that sent us this way and I hope everyone out there struggling regardless of why gets some peace of mind.

[sufferingAZ]

Let's handle the trustee's administrative fee first. If you file after Nov 1, 2009, here's the link to each state's trustee administrative fee - http://www.justice.gov/ust/eo/bapcpa...3_exp_mult.htm . This is the percentage that will be added to your Ch 13 payment when you file, and is how your Ch 13 trustee gets paid for his/her work administering your case for three or five years.

I believe the schema you are struggling with is the formula used to ensure that your Ch 13 payment pays creditors at least what they would get in a Ch 7.

What matters when determining your Ch 13 payment is what shows as your disposable income on the Means Test or Schedule I minus J. Which takes precedence depends on your local court's prior case law decisions or custom.

So if my DMI is only $300.00 then that would be my payment for my chapter 13 (for my secured debt 2nd mortgage)?
I also understand that the unsecured cc's get what they would have if I had filed chapter 7. Because I fall under the median. Is that true?

[lrprn]

So if my DMI is only $300.00 then that would be my payment for my chapter 13 (for my secured debt 2nd mortgage)?
I also understand that the unsecured cc's get what they would have if I had filed chapter 7. Because I fall under the median. Is that true?

Calculating the Ch 13 payment is complicated. It's not a direct reflection of your actual income minus expenses. Instead the payment is based either on the disposable income showing on the Means Test or the disposable income showing on Schedule I minus J (which one depends on the case law in your bk district and the customs of your local court).

Did you come up with $300 DMI yourself or did an experienced bk lawyer calculate it? Was this the DMI value from the Means Test or from the Schedules?

[sufferingAZ]

My DMI is what I has left over from the means test. Where can I find schedule I & J?

[debtinohio]

My DMI is what I has left over from the means test. Where can I find schedule I & J?

Here is a link to all of them:

http://www.uscourts.gov/bkforms/bankruptcy_forms.html

You will need to print and hand-fill it out.

[klandsb]

I filled all of this myself and am dumbfounded about how the trustee came up with a different amount. And its not pennies !! SO just beware what you come up with and what they come up can be quite different Yours is just a rough estimate ..