Please read... Reviewing the Bk petition and this is all my expenses!

[oc714]

I was trying to file about 3 weks ago but the lawyer finally got back to me with the BK petition to sign after I review and agree. He had to change it 3 times and this is the final. According to the means test I have a DMI of $ -1040.78 but my Schedule I has a disposible income of $-87.61.

our income with the correct tax deductions amount withdrawn is $6,156.75

expenses he stated were fine are:

mortgage 1st and 2nd $3040.
Electric $80
Water $41
Telephone $25
Hime Maintenance $125.00
Food $1000
Clothing @100
Dry Cleaning $35
Medical $125
Transportation (gas) $550
Entertainment $75
Charities $40
Car Insurance $183
gas $40
Garbage $36
cell $180
internet$ 30
Cable $85
Pet care $ 25
Personal grooming $70
Car repairs and tags $80
Bank Fees $20
Kids Sports $50
Childcare $200

My total income he has for me is 91K when I figured out the 6 month look back I got $88K not sure what is going on. The thing that has me still a little concerned is he valued our 2001 FORD F250 at $6800 but I kelly blue booked it and it states its worth 10K.

[oc714]

Sorry, forgot a family of 5 in California.

another thing he didn't brake up my husband income by regular income and OT.

[momofthree]

You can claim $300 a month for medical (IRS standard) and I would do so. With 3 kids, vision, dental, well visits, sick visits, and prescriptions add up FAST. Obviously, you don't have those expenses every single month, but over the course of the year, I'm sure you'll spend at least that much. It will also give you a buffer if things like recreation and kids sports are objected to.

[StartinOver]

My suggestion would be to ASK the attorney why he used that figure for the vehicle, and why he included the Overtime for your husband rather than showing it as OT so that it's clear it's not regular and assumable to continue indefinitely. He may be working this out based on what the Trustee is known to expect.

[Pandora]

is there a reason you're keeping both mortgages?

Electric: $80 for electric is low - is that averaged out for the full 12 month timeframe?

Car insurance: are you in a credit profiling state? If so, chances are that will be going up once you file BK.

Medical: agree w/momofthree - its low for a family of 5 - also, is this including any deductibles you may have to pay for health insurance? If not & you have them, add them in.

Pet Care: Go to at least $40/$50 a month if you can. Vet visits are expensive; we budget $40 for our cat and ended up earlier this year with a $2K vet bill to save his life. One sickness / set of xrays / lab work can set you back quite a bit and you dont want to have to euthanize your pet if you dont have the money or if your vet wont accept payments.

[oc714]

Thanks all for your thoughts. I will bring these up to the attorney but after going back and forth, I feel he is getting fustrated. I can't wait for allthis to be over.

[oc714]

Ok he made the changes to incluse the $300 for medical and this was his reponse to the OT "Do not worry about the overtime categorization. The only number that is looked at is the gross wages for the month. If the overtime goes away then the gross wages will go down for the month also. Categorization of the wages as regular or overtime is of no consequence"

[oc714]

is there a reason you're keeping both mortgages? Electric: $80 for electric is low - is that averaged out for the full 12 month timeframe? Yes I did.

Car insurance: are you in a credit profiling state? If so, chances are that will be going up once you file BK. Yes, it wil.

Medical: agree w/momofthree - its low for a family of 5 - also, is this including any deductibles you may have to pay for health insurance? If not & you have them, add them in.

Pet Care: Go to at least $40/$50 a month if you can. Vet visits are expensive; we budget $40 for our cat and ended up earlier this year with a $2K vet bill to save his life. One sickness / set of xrays / lab work can set you back quite a bit and you dont want to have to euthanize your pet if you dont have the money or if your vet wont accept payments.

Our house is not complete underwater 1st mortgage is 312k and the second is 86K the house is worth 331K.

[KCane28]

Had my 341 this morning, trustee didnt question any of my expenses. My expenses were listed higher than you on almost everything.

[daylate]

When you say house is not completely underwater-at total secured debt 398k vs a value of 331k sounds pretty underwater to me. Factor in pro rated taxes, fix up costs and a sales commission and to me you are underwater by 90-100k. Don't know if that makes a difference in your thinking/strategy but it seems a lot underwater to me. Good luck.

[oc714]

When you say house is not completely underwater-at total secured debt 398k vs a value of 331k sounds pretty underwater to me. Factor in pro rated taxes, fix up costs and a sales commission and to me you are underwater by 90-100k. Don't know if that makes a difference in your thinking/strategy but it seems a lot underwater to me. Good luck.

I should have said not underwater completely enough to try to file a 13 and strip the 2nd mortage.

[oc714]

Had my 341 this morning, trustee didnt question any of my expenses. My expenses were listed higher than you on almost everything.

I'm so happy for you! welcome to
the 60 day club.

[mwr]

>he valued our 2001 FORD F250 at $6800 but I kelly blue booked it and it states its worth 10K<

Did you use the private party value? Did you tell your attorney the specific model of F250, the equipment, mileage, and condition?

In general, your situation on the Means Test and Schedules I and J look fine for a Chapter 7.