A few more questions, please?

[lotsahats]

Is this chart...

http://www.justice.gov/ust/eo/bapcpa..._standards.htm

an accurate depiction of allowable expenses? Is that what the Trustee goes by? I was wondering if the $480/month I spend on my family of three ($120/week) was an outrageous amount, but then I saw that chart, which allows up to $639, so $480 is acceptable, right?

Our schedule J is supposed to depict living a normal life post-discharge, right? As opposed to skimping on things that we deprived ourselves of when trying to pay my creditors (like clothing, and regular haircuts)?

And, what category would diapers fall into? Hygiene?

And, although I'll be filing bk sans my husband, we will be receiving a joint tax refund. Does this mean that I only have to exempt half the amount? It will include a child tax credit, as well.

And, since our car is titled me AND my husband, the trustee can't just take it away, can he? Its value is low enough that I can exempt it, but I was wondering how that works. Would I exempt half the value of the car (I assume they don't come with a chainsaw and cut it in half )? I live in Tennessee.

[ValleYum]

Is this chart...

http://www.justice.gov/ust/eo/bapcpa..._standards.htm

an accurate depiction of allowable expenses? Is that what the Trustee goes by? Yes.

I was wondering if the $480/month I spend on my family of three ($120/week) was an outrageous amount, but then I saw that chart, which allows up to $639, so $480 is acceptable, right? It is but $480 per month doesn't equal $120 per week. 52 x $120 ÷ 12 = $520 Claim what you spend!!!

Our schedule J is supposed to depict living a normal life post-discharge, right? As opposed to skimping on things that we deprived ourselves of when trying to pay my creditors (like clothing, and regular haircuts)? Absolutely.

And, what category would diapers fall into? Hygiene? I would personally put them in Personal Care. hehe


And, although I'll be filing bk sans my husband, we will be receiving a joint tax refund. Does this mean that I only have to exempt half the amount? It will include a child tax credit, as well. I think so, but please check this!! I didn't see a specific exemption for the tax credit in TN either...

And, since our car is titled me AND my husband, the trustee can't just take it away, can he? Its value is low enough that I can exempt it, but I was wondering how that works. Would I exempt half the value of the car (I assume they don't come with a chainsaw and cut it in half )? I live in Tennessee. Again, I think so, but please check this!!

You can post your projected Schedule J and folks here will gladly critique it!!

[BKAttyMI]

An attorney in your area would be happy to let you know what flies with your local Trustees.

[lotsahats]

Thanks, ValleYum.

Yeah, I found a bunch of stuff on Florida, California, New Jersey, New York, Washington, etc., but Tennessee might as well be Narnia.

I'll get my schedule J up in a bit. Thanks!

[LadyInTheRed]

That is not the current list of national standards. The one effective November 1 is here: http://www.justice.gov/ust/eo/bapcpa..._standards.htm I didn't check to see if there are any differences.

[lotsahats]

That is not the current list of national standards. The one effective November 1 is here: http://www.justice.gov/ust/eo/bapcpa..._standards.htm I didn't check to see if there are any differences.

Thanks for that, Lady. So, I guess, if I'm not able to file before March of next year, then I need to check again for any updates.

[ValleYum]

Thanks for that, Lady. So, I guess, if I'm not able to file before March of next year, then I need to check again for any updates.

I am so glad she caught that - -I didn't notice. Duh is me (but it was late/early heehee)!

[lotsahats]

I am so glad she caught that - -I didn't notice. Duh is me (but it was late/early heehee)!

I had the old page bookmarked. I didn't notice, either.

This is overwhelming.

[LadyInTheRed]

Thanks for that, Lady. So, I guess, if I'm not able to file before March of next year, then I need to check again for any updates.

I doubt it will change before March. But, you should double check anyway.

[lotsahats]

What is that 5% figure they have toward the bottom of the page?

http://www.justice.gov/ust/eo/bapcpa..._standards.htm

[LadyInTheRed]

From 11 U.S.C. § 707(b)(2)(A)(ii)(I):

In addition, if it is demonstrated that it is reasonable and necessary, the debtor’s monthly expenses may also include an additional allowance for food and clothing of up to 5 percent of the food and clothing categories as specified by the National Standards issued by the Internal Revenue Service.

My attorney included the additional 5% on my petition. Because these are nationwide standards, my suspicion is that if you live in an area with a higher than average cost of living, you won't be questioned if you add the 5%. But, that is just a guess.

[ValleYum]

This memo saved my sanity so many times while I was trying to get my numbers straight with our attorney. (NOTE: The car part is outdated due to the January decision by the Supreme Court in the Ransom case and $$ amounts listed (if any) should be double checked as they may have changed) http://www.justice.gov/ust/eo/bapcpa...ne_by_line.pdf

This memo is written line by line to Trustees about the US Trustees position on various entries on the Means Test. The info on the memo about the entry for Line 39 on Form 22A should explain that 5% to you much better than I can.

[lotsahats]

Okay, here's my Schedule J...

$2,871.00......gross income
-500.00....taxes withheld
$2,371.00
-654.00.....rent
$1,717.00
-88.00.......electric
$1,629.00
-55.00.......water
$1,574.00
-55.00.......phone/internet
$1,519.00
-125.00.....two cell phones
$1,394.00
-65.00.......home maintenance
$1,329.00
-585.00.....food
$734.00
-185.00.....clothing
$559.00
-20.00.......laundry
$539.00
-220.00......gasoline
$319.00
-95.00........auto insurance
$224.00
-16.00........renter's insurance
$208.00
-20.00........hygiene
$188.00
-40.00........diapers
$148.00........DMI

I upped the food a bit from my previous quote, to $135/week (I figure it would be okay to start buying a bit of organic).

Also, my transportation costs go outside the standards for my region, which is $244, but I really do spend $95.00 on auto insurance, and $220.00 on fuel. It is what it is.

Well, tell me what you think. Good? Bad? Ugly?

[ValleYum]

You need to get it down lower.

I don't see any medical expenses? Is health insurance deducted from your paycheck?



You are allowed $60 per person for medical expenses by the national standards - you can put your expenses for medical on Line 7 of Schedule J.

No recreation, clubs and entertainment, newspapers, magazines, etc.?

Any charitable contributions?

Insurance looks low - can you lower your deductibles? There may not be credit cards to fall back on to cover a high deductible in case of an accident. Do you have replacement value coverage on your renters?

Also, term life insurance would be good as an expense and to have for your family.. just in case.

[lotsahats]

You need to get it down lower.
How low?

I don't see any medical expenses? Is health insurance deducted from your paycheck?
We don't have health insurance, yet. We are looking into it, but I can't assume we'll have it by the time we file.



Hahahahahahaaaaa!

You are allowed $60 per person for medical expenses by the national standards - you can put your expenses for medical on Line 7 of Schedule J.
Do you mean out-of-pocket? We don't really go to the doc much, so I don't have any way of justifying that expense.

No recreation, clubs and entertainment, newspapers, magazines, etc.?Not really.

Any charitable contributions?Not on a monthly basis. Every once in a while, I'll make a small donation to something, but it's not in our budget.

Insurance looks low - can you lower your deductibles? There may not be credit cards to fall back on to cover a high deductible in case of an accident. Do you have replacement value coverage on your renters?
Yes, the auto is low, but it's a full coverage plan. It was almost double when we lived in Atlanta.

Also, term life insurance would be good as an expense and to have for your family.. just in case.
Duly noted.

Thanks for the input, ValleYum.

Honestly, that $2871 isn't our income, yet--it's really much lower, at the present, but my husband is supposed to start a new position at work in a few weeks. Rotten timing. I'm hoping that getting health insurance will save us from a 13.