Extra Pay Periods Increasing DMI

[fastcars69]

I am married. Live in Mo. Everything we have is owned by us both. I ran up credit cards in my name only to about 72,000. I have filed a chapter 13. My first evaluation said I had 650.00 in disposable income. That is not true or I would have paid off the cards. My law firm is re figuring that amount as I had 2 extra pay periods in that 6 month period as there were 5 Fridays in July and December. I am hoping that they lower that monthly amount. Anyone haver a similiar situation?

[LadyInTheRed]

hi, fastcars69, I moved your post to its own thread where it will more likely get responses without changing the topic of the other thread.

[keepinitreal]

I had 2 extra pay periods in that 6 month period as there were 5 Fridays in July and December. I am hoping that they lower that monthly amount. Anyone haver a similiar situation?

Yes my wife and I waited until July to file (Chapter 7) so that the previous December would fall off our 6-month lookback. It paid off for us.

[karm43]

I thought they do 26 weeks for 6 months, anyone know how this works?

[ValleYum]

For whatever month you file, they look at the paystubs for the 6 full calendar months before that.

Example: You file any day in February 2012. The 6 months for your "lookback period" are paychecks you receive in: August, September, October, November, & December of 2011 and January of 2012. Weeks do not matter- months do.

Even if you file on the 31st of January, none of the pay *received* in January counts on your 6 month "lookback period". It goes back to the months of July through December (inclusive) of 2011.

Hope this helps!

[kathlee29]

My lawyer took one of my husband's paystubs and multiplied it by 2.15 and said that is how much he made per month. Multiplying the paystub by 2.15 = much more that what he made per month, but because in the calendar year he was getting "3" extra paychecks because he was paid bi weekly not monthly, we had to factor that extra money per year into our chapter 13 plan payments. Our lawyer said to make the months we did get paid extra count, as in save a bit where we could that month and pay for bigger ticket items like car repairs. My husband started to get paid bi weekly two weeks before we filed and we still had to submit to the 2.15 rule, and had to pay much more towards the plan than when he was getting paid once a month. In the end all that worrying about it didn't matter b/c my husband was laid off last week out of the clear blue sky, so we have to convert to a 7.

[catleg]

I remember planning stuff like this before we filed.
You should be able to base your DMI off of schedule I/J, the means test DMI is really just pass/fail if I recall correctly.