Schedule J: Please review my numbers. Input appreciated :)

[shrews228]

Hi! I have been number crunching my Schedule J all day, and this is what I came up with....

First we are a family of 6 living in Maryland. We are way below the median income on the means test.

Average Monthly Income: 4575.16

Mortgage: 1180.00

Electric: 225.00
Water/Sewer: 86.00
Telephone/Landline: 50.00

Other: Firewood: 50.00
Satellite: 73.00
Internet: 36.99
Cell Phones: 130.00

Home maintenance: 100.00
Food for family of 6: 1200.00
Clothing: 200.00
Medical/Dental Expenses: 125.00
Laundry and Dry cleaning: 35.00
Transportation (Gas, car maint., tags) 525.00 (2 cars, one is a beater)
Recreation: 250.00
Charitable: 20.00

Car insurance: 84.00
Car payment: 218.00

Other: Haircuts: 30.00
Pet Care: 20.00
BJ's membership: 4.16

Total average of monthly expenses: 4575.16

Monthly net income: 12.92

I hope I am on the right track here...

Any help/input would be GREATLY appreciated!

thanks,

Lynda

[scorpion35]

recreation is to high
everything else looks good

[dumpinmydebt]

I agree that the recreation is a little high. We only put down $25 for the two of us. Are you sure you don't spend more on medical/dental? I'm sure you can up the expenses in that area.

[shrews228]

Thanks for the advice. I added more onto health/dental because there is the occasional cavity
and sick visit to the doctor, which can add up.

So basically, this is our projected budget post-bk? These figures look astronomical compared to what I have been used to spending. Our credit cards cost almost 900.00 a month in minimums, so I only had 125/week for groceries; which is VERY hard to do with 4 kids (1 a teenage boy). Everything has gotten so expensive. So the breaking point for us was recently when my 11 year old didn't have ANY long pants that fit him. He was going to school wearing shorts when the other kids were wearing jeans since it had gotten rather cold here. I guess that was our low point....so I decided to buy him some clothes that he NEEDED. I called USAA and asked them to lower my montly payment and they told me that they wouldn't talk to me until we missed 5 or 6 payments!!! Gee wiz...I didn't want to miss any payments. So we drew the line in the sand....and here we are.

So my other numbers look good? I added 100 to health and dental and allotted 25/per person for entertainment. do you think that is okay?

Thank you so much!!

[dumpinmydebt]

I would think that is okay. You are allowed, I believe, $60 per person for out of pocket health care expenses. We put $80 in medical/dental and we are just two. I don't see $25 per person for entertainment as an issue.

It is your "projected" but it shouldn't be so projected that it doesn't in any way reflect what you are currently spending. What I mean by that is don't over inflate just to fill space. I don't really see that being an issue in your budget.

What you have to think about when you do this is, if the Trustee can take away an expense deemed as unnecessary, would it push me into a 13?

[tcreegan]

Hi shrews,

So basically, this is our projected budget post-bk? These figures look astronomical compared to what I have been used to spending.

Amazing, isn't it?

Don't see firewood as an expense very often, but then again I didn't see anything else for heat unless it is electric.
And if you are heating a home w/ electric for only $225....wow

Does the mortgage payment include taxes and insurance?

Upping the medical to $225 still leaves it low for a family of 6, look this over again for something you missed

Heard about trustees not liking the recreation being much over $100, can you split some out as educational expenses?
(which you need to add, w/ 4 kids...)

Charitable contributions are problematic as an expense on the means-test, you have to have a record of giving that amount.
So, you might have to remind the trustee that this is Schedule J, not the means-test, ie: what you plan to give after the BK.
That being said, $20 is pretty low

Got pet care, haircuts, but you forgot deodorant, shaving cream, razors, lotion, soap, kleenex, TP, napkins, .... 'personal care'

Having some negative DMI as a cushion is handy in case the trustee quibbles about something

Nothing else I can think of, you are definitely on the right track.

Tom in Colo