New Here- Help figuring out payback

[mlevesque308]

my concern is I keep running the means test adding in a car payment........makes me look like I hav no DMI left; is that going to be a red flag for trustee, when they look at my income and the debt I'm trying to walk away from or convert into 13 payments.....

[keepsmiling]

[Floridagail]

No red flags if you have allowable expenses.

Hubby just filed 7 with allowable expenses to keep him out of 13. We owe errearages on house which helped him qualify for 7 with income of 6900 which is twice the median in our state.
My niece income 6700 was twice the median , and with her allowable expenses she ended up in 13 with 100.00 pmts for 5 yrs.

[mlevesque308]

Floridagail.....are we able to "private message"...... I'm not sure if I'm doing means test correctly and wanted to know if your wouldn't mind running through it with me, if not no worries. Just nervousness is all. Lol

[LadyInTheRed]

Floridagail.....are we able to "private message"...... I'm not sure if I'm doing means test correctly and wanted to know if your wouldn't mind running through it with me, if not no worries. Just nervousness is all. Lol

There really is no point in you trying to get the means test right. You should only use the calculator to get an idea of your DMI. It is your attorney's job to run the means test and make sure it is done correctly. It sounds like you are in good hands. If the attorney suggests you get a car payment, ask him how high it should be and go get a car. If it causes your DMI to be negative, that's fine. In fact, that is probably the point. Just make sure you can afford the car payment when you don't have to pay your unsecured debt.

[Floridagail]

Your attorney should be able to look at your expenses very quickly figure out your plan. I am glad he mention the car payment. Sounds like he will do the best he can for you.

[mlevesque308]

Thanks. Tomorrow is the day, lets see what he says. He sent me a 36-page questionnaire to fill out the day we first spoke, with a pretty detailed checklist of what to bring. Which is more than the others told me to bring. I also have a spreadsheet I'm going to send him basically with my budget number on it; that way he can start thinking, what my best avenue is.

[mlevesque308]

Ok, I put, what I think is a good budget together. I padded some numbers, but not excessively. I'm showing a DMI of $155 per month. I've factored in a new car, excise tax and increase in auto insurance. I also called ahead and found out if my taxes (re) were due to go up, switched utilites to "budget" numbers etc.

I think I'll be fine provided that the monthly mileage checks- won't be counted as income. This is the money I can put away for when I need tires and the bigger ticket items.

I'm sorry I'm such an open book. I just love learning, and this is a topic I know nothing about. So, honestly, I can't thank everyone here enough, you have all been so helpful.

LITR: I even put a spreadsheet together and sent it over to my attorney I'm meetinng with tomorrow, as well as a list of questions I wanted him to be prepared to answer. I found this tip on one of your previous posts! Great information. Like I said before I'm feeling pretty confidnet he's the attorney for me; based on the fact that he's been strictly a BK lawyer for 23 years and the majority of his cases are CH 13; he's not flashy and I don't see his mug at every Bus Stop; he was recommended by 2 BK attorneys that only handle CH7, there words were....."CH13's are hard, at my age I don't want to be tied to people for 3-5 years, I like the in and out cases"- another one I met with gave me the feeling that he would piss off the courthouse people with his pompus attitude. Lastly, I checked the courthouse calendar, and he seemed to be very active in CH13 and not so many CH 7, which I felt good about.

Mortgage 1435.73
Alimony 1000.00
Condo Fees 275
Taxes 310
Car Loan (we need to discuss) 483
Food 350
Gas 500
Condo Insurance 40
Life Insurance 27.34
Medical Dental/Insurance 239.81
Car Insurance 121
Cell Phone 103
Cable/Internet 106.25
Auto Excise Tax 60
Electricity 140
Clothing 25
Medical Expenses 17
Dental Expenses 17
Auto upkeep 55
Household Cleaning Products 20
Hygiene Items 20
Haircuts 49
Medications 30
Contacts 21
RE Salesperson License 5.42
AAA Membership 4

total: 5454.55
Net Pay: 5600.08
DMI 145.53


Again, many many thanks to all in this forum! I know I'm only in the baby phases of my journey, but this site has been so helpful so far. I've actually slept better since joining.

[Floridagail]

Looks good. Attorney should be able to give you an answer tomorrow because you are so prepared.

[mlevesque308]

Thanks so much. so there are no red flags?

[Floridagail]

No red flags as far I see, I am not sure if you can count cell phone or cable. I know lot of your expenses will be lumped into standard allowance like food and clothing 565.00 for single person. Do you have your taxes done for last year and do you owe any thing. We were allowed claim that on means test , and do you have any owed back mortgage payments> Any taxes you owe?

[mlevesque308]

Than I could always lump those two into utilities?? I guess, because my condo fee covers Heat, hot water and sewer; so I don't pay those fees in addition. My cell is my only line; I don't have a landline; so he said to include it.

My taxes are still with CPA. I will probably owe. No, my mortgage, taxes and alimony are all current.

[Floridagail]

Tomorrow ,Let your attorney know you will owe some income tax probably. It can be counted in means test too.

[mlevesque308]

Yes, he already mentioned that when we had our talk over the phone. He's been very pro-active so far. Thanks again!

[mlevesque308]

Well.....I couldn't beleive the lawyers meeting! We started working through the 36-page questionnaire he had me fill out and when we got to the budget part, he started increasing numbers; I said to him, I'm not sure what your increasing because there isn't much left. All in all, he did the means test right there and after he plugged in me having a car, which I didn't at the time. I was missing $54 to be able to file for Ch.7. So, I was advised to get a car, up my health insurance plan, file my taxes (which) I will owe and get a disablility plan like Aflec. I asked him if he felt comfortable going this route and he said, that in 23 years the trustees know him, both locak and US and he would not jepordize he's career for this case, but everything is above board. I have allowed. He said we will file June/July to allow for enough time to pass after purchasing the car. He said he felt very comfortable going this route and if he didn't he wouldn't advise it.