Just a couple of questions that I am wondering if I am correct on. One of the items the UST dismissed in their Filing to Dismiss was the IRS allowed expense on our second car, a 1996 Nissan Altima that I drive back and forth to work. Our attorney says they cannot disallow that IRS based on rulings that have already been made on that subject. I have some of those rulings (it's the $485 I believe). Does that sound correct to anyone else based on Zaporski, 366 B.R. 758 (Bankr. E.D. Mich. 2007) where the court stated:
Other cases supporting this position are found inIn re McIvor, 2006 WL 3949172 (Bankr. E.D. Mich. 2006) and Fowler. Our attorney expects to win on this one easily.
Also, in looking at Totality of Circumstances I know in a Chapter 7 a 401K loan and contribution is considered income. However, IF they are asking you to convert to a 13 and IF then under a 13 the 401K Loan and Contributions (our contributions levels are at 6% for my wife which is her employers match and our attorney says the courts allow her and I do $100 a month which is about 3% for me and is below my matching level of 5%), but even if just dropping the contributions and keeping the loans moves us to where there is no money left to disburse to creditors does it make sense for the UST to try and move us from a 7 to a 13? We have several other items the UST denied which our attorney has legal backing to have the judge include even in a 7 so I guess I am just trying to figure out where we stand right now (knowing nothing is for sure until his Honor makes his ruling). So IF the car expense (IRS standard which is what is used in my district) and the 401K loan repayments are alone added in and make it to where we cannot fund a 13, would the judge then just dismiss the case?
The one item I am worried about is transportation if we move to a 13. My car is 14 years hold and last summer we had to put $1600 into it so it should, BIG IF, should be ok for a couple of years 1996 Altima with 166k miles, but I wish I had purchased a newer used car before filing.
Other cases supporting this position are found inIn re McIvor, 2006 WL 3949172 (Bankr. E.D. Mich. 2006) and Fowler. Our attorney expects to win on this one easily.
Also, in looking at Totality of Circumstances I know in a Chapter 7 a 401K loan and contribution is considered income. However, IF they are asking you to convert to a 13 and IF then under a 13 the 401K Loan and Contributions (our contributions levels are at 6% for my wife which is her employers match and our attorney says the courts allow her and I do $100 a month which is about 3% for me and is below my matching level of 5%), but even if just dropping the contributions and keeping the loans moves us to where there is no money left to disburse to creditors does it make sense for the UST to try and move us from a 7 to a 13? We have several other items the UST denied which our attorney has legal backing to have the judge include even in a 7 so I guess I am just trying to figure out where we stand right now (knowing nothing is for sure until his Honor makes his ruling). So IF the car expense (IRS standard which is what is used in my district) and the 401K loan repayments are alone added in and make it to where we cannot fund a 13, would the judge then just dismiss the case?
The one item I am worried about is transportation if we move to a 13. My car is 14 years hold and last summer we had to put $1600 into it so it should, BIG IF, should be ok for a couple of years 1996 Altima with 166k miles, but I wish I had purchased a newer used car before filing.
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