Since you are in a Chapter 13, you can actually do what you mention. Just pay (pledge) an extra $20/month to the unsecured creditors! Make sure this is notated somewhere on the Plan so that the Trustee can clearly see it. The Trustee may still object, but you can always fight it out before the judge since the judge must confirm the plan anyhow.
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Wimp lawyer, should I let it dismiss?
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Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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Originally posted by justbroke View PostSince you are in a Chapter 13, you can actually do what you mention. Just pay (pledge) an extra $20/month to the unsecured creditors! Make sure this is notated somewhere on the Plan so that the Trustee can clearly see it. The Trustee may still object, but you can always fight it out before the judge since the judge must confirm the plan anyhow.
Thanks again!!!!
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Originally posted by IamOld View PostThanks Justbroke! Not in 13 yet - HOPE!!! to file w/in this month. I mean, for heaven's sake, 20 dollars? I'll leave it up to atty to handle as they see fit. But since I have (as of today) a total of $2,500 for my old age in 401k and spouse has about 1200, I'm not exactly sitting here with 100grand in the 401k! :-) 100grand - wish I were :-) :-)Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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Originally posted by justbroke View PostActually, if you have an age/retirement issue, you can "fight" on those grounds. But your attorney may not wish to fight with the Trustee. Sometimes it's easier to appease the Trustee with $20/month than to spend $1,000 fighting the Trustee.
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Iamold, I wouldn't assume you are screwed.
You may be able to have both the loan payment and contribution. My plan allowed for both. But, I don't contribute anything near 15% like repuman's wife does. My 401k contribution was only 2% of my salary at the time I filed. When you add the loan payments, the total is about 6.6% of my salary. The 401k loan will be paid off a year before my plan is complete, and my plan provides that I will replace the loan payment with an increased contribution. I was fully prepared to have to step up my plan payment for that last year, but that wasn't required.
My employer does not match contributions. But, it is commonly recommended that everybody contribute at least 10% of their salary to retirement savings. When you hit 40, they say you should be contributing 20%. What is actually allowed in each Chap 13 case is going to depend on the debtor's specific circumstances, the negotiations between the debtor's attorney and the trustee and, if no agreement is reached, how the judge views it. If it gets to the judge, I think arguing that it is good public policy to encourage adequate savings for retirement could help, especially if the total loan and contribution is less than 10% of the debtor's salary. But, again, it's going to depend on the judge's view of the world.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!
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Originally posted by justbroke View PostActually, if you have an age/retirement issue, you can "fight" on those grounds. But your attorney may not wish to fight with the Trustee. Sometimes it's easier to appease the Trustee with $20/month than to spend $1,000 fighting the Trustee.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!
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Originally posted by LadyInTheRed View PostIamold, I wouldn't assume you are screwed.
You may be able to have both the loan payment and contribution. My plan allowed for both. But, I don't contribute anything near 15% like repuman's wife does. My 401k contribution was only 2% of my salary at the time I filed. When you add the loan payments, the total is about 6.6% of my salary. The 401k loan will be paid off a year before my plan is complete, and my plan provides that I will replace the loan payment with an increased contribution. I was fully prepared to have to step up my plan payment for that last year, but that wasn't required.
My employer does not match contributions. But, it is commonly recommended that everybody contribute at least 10% of their salary to retirement savings. When you hit 40, they say you should be contributing 20%. What is actually allowed in each Chap 13 case is going to depend on the debtor's specific circumstances, the negotiations between the debtor's attorney and the trustee and, if no agreement is reached, how the judge views it. If it gets to the judge, I think arguing that it is good public policy to encourage adequate savings for retirement could help, especially if the total loan and contribution is less than 10% of the debtor's salary. But, again, it's going to depend on the judge's view of the world.
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Thanks everyone..great discussions. The wife is 53. I just got a notice today that the trustee wants to put off the confirmation for another month (was next week) due to "notice the debtors for a 2004 exam and complete discovery". Whatever that means. She also complains in the letter that her original objection is not resolved and there is 'other issues'. This may go on forever. I've asked my attorney just what our exact payment would be, including the 401k, assuming that payment is assimilated as well. Haven't heard back. He absolutely doesn't want to battle this lady, and has said the judge sides with her on every issue, never with the BK attorneys. If the trustee and my lawyer were reversed, I'd be in great shape! I guess the way I'm reading everyones advise is..trustee has a right to the 401k, and I'm best off to let her do as she wishes.
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Originally posted by repuman View PostThanks everyone..great discussions. The wife is 53. I just got a notice today that the trustee wants to put off the confirmation for another month (was next week) due to "notice the debtors for a 2004 exam and complete discovery". Whatever that means. She also complains in the letter that her original objection is not resolved and there is 'other issues'. This may go on forever. I've asked my attorney just what our exact payment would be, including the 401k, assuming that payment is assimilated as well. Haven't heard back. He absolutely doesn't want to battle this lady, and has said the judge sides with her on every issue, never with the BK attorneys. If the trustee and my lawyer were reversed, I'd be in great shape! I guess the way I'm reading everyones advise is..trustee has a right to the 401k, and I'm best off to let her do as she wishes.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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Originally posted by repuman View PostThanks everyone..great discussions. The wife is 53. I just got a notice today that the trustee wants to put off the confirmation for another month (was next week) due to "notice the debtors for a 2004 exam and complete discovery". Whatever that means. She also complains in the letter that her original objection is not resolved and there is 'other issues'. This may go on forever. I've asked my attorney just what our exact payment would be, including the 401k, assuming that payment is assimilated as well. Haven't heard back. He absolutely doesn't want to battle this lady, and has said the judge sides with her on every issue, never with the BK attorneys. If the trustee and my lawyer were reversed, I'd be in great shape! I guess the way I'm reading everyones advise is..trustee has a right to the 401k, and I'm best off to let her do as she wishes.
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Originally posted by IamOld View PostGood luck to you my friend. This so nutty and against any semblance of public policy to force people to give up their pensions...Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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Originally posted by repuman View PostI looked up the 2004 exam, if I read that right she wants a meeting with us to do an anal exam. This little slice of hell just keeps getting better.
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No, medium/large city. I'm guessing she wants all paperwork regarding 401K such as balance and payoff? She has none of that to date. I've asked attorney what's up, no response yet. Letter states 'recieved amended schedule J and undocumented new information that does not resolve the original objection and may raise other issues'. Not sure what to read into that.
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