Please rate my schedule J

[Fletch]

Ok I read this forum hours per day but hardly ever post. My filing date is next Tuesday and I need opinions other than my Attorneys and I value all the knowledge on this forum.

Here is my info:

Family of 5 in MA. filing joint.
$3800 under median.
160k unsecured
389k mortgage on a home worth about 360k that I plan on keeping.
Have not used any credit cards in 10 months (me) and 2 years (my wife)

Monthly income from Schedule I=$6019.74

Monthly expenses from schedule J= $6491.26

Monthly deficit=$471.52

Expenses
Mortgage=$2189.24
Electricity and heating fuel=350
Land line phone=$35
Cable, Internet, 3 cell phones=$208.32
Home Maintenance=$308 ( I know this is high but the home has termite damage and needs a new septic system)
Food=$1200 (this includes school lunches for 3 teens and work lunches)
clothing=$225
Laundry and Drycleaning=$50
Medical and Dental=$450
transportation=$500 ( we both travel 96 miles round trip each, we work in the same place but different shifts)
recreation=$100
homeowners=$105
life=$104
Disability=$98.04
auto ins=$165 ( we have a 17 yr old on the policy)
RE taxes=$277.66
haircuts, misc=$125

I have documentation for every item above except home maintenance.

Even though my Attorney says I have nothing to worry about I am paranoid especially about the amount of unsecured debt I have.

I greatly appreciate this forum! its been a life saver.

[ccsjoe]

Actually I would have to agree with your attorney. Even if home maintenance was taken out of the equation and your budget for clothing was slashed to 100 you would still be negative.

Make sure to include expenses such as vehicle registrations and maintenance.

[scorpion35]

how's good old Massachusetts?
i use to live in MA
good luck

[Okieblue]

Oh wow, that is your car insurace with a teenaged boy on it? Ours is $179 with 2 adults, the teenager adds and extra $249. I make him pay it.

[tcreegan]

Hi Fletch,

I am paranoid especially about the amount of unsecured debt I have No worries here, the amount of unsecured can be too low and too new but not too high; bet a dozen folks on the forum have more, some double

389k mortgage on a home worth about 360k that I plan on keeping.....but the home has termite damage and needs a new septic system..Mortgage=$2189.24 .....you do realize this is a bad deal, right? Please don't say you are reaffirming.....

The mortgage amount is over IRS standards, by ~200 if Nantucket county, by ~1000 if Berkshire county

(http://www.justice.gov/ust/eo/bapcpa..._charts_MA.htm)

Everything else looks OK, a little over IRS standards but we are talking Mass. here....

I have documentation for every item above except home maintenance ...and this is your saving grace, and it shouldn't be too hard to get an estimate on the termites and septic system.

The bottom line is have everything documented, good job!

Tom in Colo

[Fletch]

Hi Fletch,

I am paranoid especially about the amount of unsecured debt I have No worries here, the amount of unsecured can be too low and too new but not too high; bet a dozen folks on the forum have more, some double

389k mortgage on a home worth about 360k that I plan on keeping.....but the home has termite damage and needs a new septic system..Mortgage=$2189.24 .....you do realize this is a bad deal, right? Please don't say you are reaffirming.....I plan on staying and paying. No reaffirmation in my plans in the near future. I am current and plan on staying current. We like this house and where we live. Can't beat the school system in this area.

The mortgage amount is over IRS standards, by ~200 if Nantucket county, by ~1000 if Berkshire county

(http://www.justice.gov/ust/eo/bapcpa..._charts_MA.htm)

Everything else looks OK, a little over IRS standards but we are talking Mass. here....

I have documentation for every item above except home maintenance ...and this is your saving grace, and it shouldn't be too hard to get an estimate on the termites and septic system.

The bottom line is have everything documented, good job!

Tom in Colo

..

[Fletch]

I plan on staying and paying. There are no reaffirmation plans in our immediate future. We are current on the mortgage and plan on staying that way. We like this home and we are in a very good school district

[Fletch]

I Thank everyone for the input.

This has been a very stressful experience to say the least. I can't wait until its over.

So glad I found this forum!!