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    #1

    Home Maintenance

    How do you figure home maintenance costs when doing the means test? I need to replace my roof and paint my exterior. If I use a 401K loan to do these repairs and subsequently have to file bankruptcy in the future, how would I figure home maintenance costs for the means test?
    Thanks
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    #2
    I just estimated $100. That is actually probably a bit high since we rent and a lot of the major stuff is covered by the landlord. But if you have big expenses like a roof, maybe you could estimate how much it would cost and divide it out for a monthly amount.
    Filed Ch. 7 Pro Se: 12/11/08
    341 Meeting: 1/7/09
    Trustee's Report of No Distribution: 1/9/09
    Discharged: 3/10/09

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      #3
      The only problem I see is that replacing the roof and painting is not a normal annual expense except for the fact that if you were saving for future expenditures it would be part of the monthly amount.

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        #4
        Originally posted by Clouddancer View Post
        The only problem I see is that replacing the roof and painting is not a normal annual expense except for the fact that if you were saving for future expenditures it would be part of the monthly amount.
        You spend an average amount each year on home maintenance. Just divide that amount by 12 to get your monthly budget amount. You don't have to spend that amount each month.
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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          #5
          The general rule of thumb I've heard is that you spend approximately 10% of the home's value on maintenance every year. If you have a pricey house, you can probably get away with estimating more like 5%, which is what we've done.
          27 May 09: File Ch7
          6 Jul 09: 341 Meeting, declared asset case, 341 continued
          6 Aug 09: Continued 341 meeting, came to settlement with TT
          6 Sept 09: Last Date for Creditor Objections

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            #6
            wow, 10 percent seems awfully high... however, if i can find a way to claim that much, it would save me from a 13... anyone else claimed that much?
            "it looks like i picked a bad day to give up sniffing glue"! [McKroskey, airplane]

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              #7
              Okay, I'm a TOTAL moron. I meant 1%, not 10%. I had my little ones running around while I was typing that and did bad math. Sorry for getting anyone's hopes up!
              27 May 09: File Ch7
              6 Jul 09: 341 Meeting, declared asset case, 341 continued
              6 Aug 09: Continued 341 meeting, came to settlement with TT
              6 Sept 09: Last Date for Creditor Objections

              Comment

                #8
                Originally posted by SuzieBK View Post
                Okay, I'm a TOTAL moron. I meant 1%, not 10%. I had my little ones running around while I was typing that and did bad math. Sorry for getting anyone's hopes up!
                LOL!!! I read that and thought I was "missing something"
                1% makes so much more sense!
                May 2008 Hired 1st Attorney/Stopped paying CCs
                May 21, 2009 Retained 2nd Attorney
                May 28th - Filed for Ch 7 (FINALLY!)
                9/11/09 - DISCHARGED!!!!

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                  #9
                  under what category would home maintenance go in the means test?

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                    #10
                    Originally posted by lolasaurus View Post
                    under what category would home maintenance go in the means test?
                    It's on line 3 of Schedule J- Current expenditures of individual debtor(s)/
                    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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                      #11
                      Oh, it's not the means test then I was wondering if I had missed something!

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