My wife and I are finally confirmed! Still waiting for info to post to PACER, but all objections were resolved and confirmation went off without a hitch.
This is a bit of a long winded recap, but for what it is worth, here is a little background...
My wife and I filed individual plans back in March. Collectively we are over the unsecured debt limit, individually we are fine. Cases ultimately got administratively consolidated at the request of the trustee, so now it is like we have one plan with about $420k in unsecured debt at approximately 20% payback. This includes around $140k in student loan debt.
Successful lien strip of 2nd mortgage - $150k.
Had an additional child between filing and confirmation.
Payment is via ACH out of my checking account (had to file motions to prevent payroll deductions).
We have a 4+ year history of contributing maximum ($16,500/year each) to our 401k plans, so the trustee allowed us to continue those contributions - with one exception - in order to properly fund our plan I have to make a reduction in my monthly contribution by about $300. We also each have 401k loans that we will continue to pay on - plan steps up at the conclusion of each of these loans.
I had a substantial casino marker included in the plan. While not why we filed, it had to get included along wtih everything else. The casino actually ended up violating the automatic stay (even admitted as much) but it was more of an issue with collections not talking with legal dept than any malice. Once they got everything straightened out they filed their claim and agreed that there would be no additional attempt to collect the marker in BK or via other legal avenues.
Our trustee is tough and firm, but with a good understanding of the law. We ended up having to negotiate down on some legitimate expenses (and reduce max 401k contribution) simply because after lien stripped mortgage was removed our Means Test DMI came out higher than our I/J DMI. We fought hard to keep items that we know are protected (like continuing 401k contributions) but trustee turned over every expense to ensure they were legit. Our payment is about $400 more than what we were hoping for (and about $700 more than if we just used I/J instead of the revised Means Test), but it is fair and one where we feel as though we can be successful.
We have a great attorney - that was key to everything. I interviewed 4 different ones and 2 made the final cut. I went with the one who had a little less experience, but was definitely more available. Best decision I could have made. He would email me directly and actually respond when I emailed him.
I will say that this forum has been an incredible source of information! One of the best forums (on any topic) that I have found. Very well moderated and managed!
Now for the 60 months to begin!
This is a bit of a long winded recap, but for what it is worth, here is a little background...
My wife and I filed individual plans back in March. Collectively we are over the unsecured debt limit, individually we are fine. Cases ultimately got administratively consolidated at the request of the trustee, so now it is like we have one plan with about $420k in unsecured debt at approximately 20% payback. This includes around $140k in student loan debt.
Successful lien strip of 2nd mortgage - $150k.
Had an additional child between filing and confirmation.
Payment is via ACH out of my checking account (had to file motions to prevent payroll deductions).
We have a 4+ year history of contributing maximum ($16,500/year each) to our 401k plans, so the trustee allowed us to continue those contributions - with one exception - in order to properly fund our plan I have to make a reduction in my monthly contribution by about $300. We also each have 401k loans that we will continue to pay on - plan steps up at the conclusion of each of these loans.
I had a substantial casino marker included in the plan. While not why we filed, it had to get included along wtih everything else. The casino actually ended up violating the automatic stay (even admitted as much) but it was more of an issue with collections not talking with legal dept than any malice. Once they got everything straightened out they filed their claim and agreed that there would be no additional attempt to collect the marker in BK or via other legal avenues.
Our trustee is tough and firm, but with a good understanding of the law. We ended up having to negotiate down on some legitimate expenses (and reduce max 401k contribution) simply because after lien stripped mortgage was removed our Means Test DMI came out higher than our I/J DMI. We fought hard to keep items that we know are protected (like continuing 401k contributions) but trustee turned over every expense to ensure they were legit. Our payment is about $400 more than what we were hoping for (and about $700 more than if we just used I/J instead of the revised Means Test), but it is fair and one where we feel as though we can be successful.
We have a great attorney - that was key to everything. I interviewed 4 different ones and 2 made the final cut. I went with the one who had a little less experience, but was definitely more available. Best decision I could have made. He would email me directly and actually respond when I emailed him.
I will say that this forum has been an incredible source of information! One of the best forums (on any topic) that I have found. Very well moderated and managed!
Now for the 60 months to begin!
Comment