quick pro se question

[SinkingFast]

You really wanna go in negative if you can. Trustees are notorious for not allowing some expenses.

You spend too much on cable or cable isn't allowed at all in your area. Whack! There goes $50-$100/mo.

Your Court doesn't allow for cell phone bills. Whack! There goes that expense.

You spend too much on food for what is acceptable in your Court for your family size. Whack! There goes that money.

Starting off negative can help you be under the limit on disposable income when the Trustee get's done whittling your expenses.

[miss puff]

I remember my other question: We we're honest and did the personal property lists. We are over about 12,000 the exemption. I can probably shave a grand or two off but really, we have been married 12 years and have three children-we just have tons of stuff!!!! What is the likely hood that they are going to come and take the TV's and couches? The stuff isn't even that nice. With three kids, two of which are boys, our stuff doesn't stay nice for very long.

I am just worried now that they are going to come here and start carting off my stuff

[ccidiot01]

Allrighty, I have started typing in the information for filing my papers. My goal is to file sometime early this week (Tuesday). I have a couple of questions I am hoping someone can clarify for me.

1-On Schedule J: Current Expenditures of individual debtors-I DO NOT list a car apyment that I am going to discharge in bankrupcty-Is this correct?

2-On Schedule I: Current income of individual debtors- Do I put a 401K loan repay under payroll deductions? Also, we did do a hardship withdrawl on it to save the house and I don't know where to put this as well. I would have to assume that it would be some type of income-would it go under pensions?

Thanks so much all for all your help. I don't know how I would have gotten all this done without the support you all give.

I thought I had one more question but can't think of it now...hmmmm......Oh well-I am sure I will think of it at some point. thanks again

If I may piggyback on Question 1 - If I am going to turn in/discharge a vehicle loan, how to I count the negative equity?

Here's the dilema - We have a vehicle that we want to include in the BK, but if we do it takes our Mean's test result to about $0. I'm afraid that the Trustee may find a way to get us to $166 and push us to a Chap 13. If that happens, won't the negative equity in the turned-in vehicle be included in the restructuring?

So if we're $18,000 upside down (yes it's ridiculous, but true) spread out over 60 months it would be $300/month...which of course puts us back into negative territory...

[lrprn]

I remember my other question: We we're honest and did the personal property lists. We are over about 12,000 the exemption. I can probably shave a grand or two off but really, we have been married 12 years and have three children-we just have tons of stuff!!!! What is the likely hood that they are going to come and take the TV's and couches? The stuff isn't even that nice. With three kids, two of which are boys, our stuff doesn't stay nice for very long.

I am just worried now that they are going to come here and start carting off my stuff

Did you estimate your stuff at garage sale/newspaper ads/EBay prices? That's the way to go because, frankly, that's really what the stuff is worth!

[miss puff]

If I may piggyback on Question 1 - If I am going to turn in/discharge a vehicle loan, how to I count the negative equity?

I believe that you put it in Schedule D-Creditors Holding Secured Claims. It will ask you the unsecured portion of the loan.

Here's the dilema - We have a vehicle that we want to include in the BK, but if we do it takes our Mean's test result to about $0. I'm afraid that the Trustee may find a way to get us to $166 and push us to a Chap 13. If that happens, won't the negative equity in the turned-in vehicle be included in the restructuring?

Have you checked your state's allowable expenses? Can you up food or clothing? Education for child?

So if we're $18,000 upside down (yes it's ridiculous, but true) spread out over 60 months it would be $300/month...which of course puts us back into negative territory...
Not sure about this part-sorry

Hope that helps

[miss puff]

Did you estimate your stuff at garage sale/newspaper ads/EBay prices? That's the way to go because, frankly, that's really what the stuff is worth!

ummm... Nope, we did replacement value-Well...That changes things doesn't it. I will have to go back and slash almost everything about 1/2! Thanks !!

[ccidiot01]

Thanks Miss Puff. I'm going to start scheduling consults with Attorney's next week to get their evaluation of our case. So many of my questions are 1) complicated and 2) very Florida specific it's hard for anyone to generalize.

The info here is fantastic...

[SinkingFast]

ummm... Nope, we did replacement value-Well...That changes things doesn't it. I will have to go back and slash almost everything about 1/2! Thanks !!

It'll be way more than half.

At the Goodwill auction site, you can buy fully functional, used computers with monitor, and/or laptops for $100. A nice sofa will run $50. Most expensive dining table and chairs I saw was $200. Big, oak table with 6, spindle backed chairs.

Your clothes, total, are only worth about $100/person. Unless you have furs, or Prada shoes, of Armani suits, clothes won't be much at all.

You only need to include your kids things if you are using Federal Exemptions. If you're going State, you just list whats in the common areas. I should say, that's what our attny told us. That's how it's done here.

Your whole household, on average, should only be worth between $2K and $3K. Unless you have some expensive collectibles. Or an heirloom desk. Or fancy, phoo phoo art work.

When you list your household items on your Petition, just do a lump listing. You can check on PACER and see how attnys in your area say it. Here, attnys say, "Household goods and kitchen items" and then give a total dollar value.

Only items attnys here break out are what they absolutely have to. Collectibles. Works of art. Pictures. Hobby gear. What ever is specifically asked for on the Schedule.