Individual Ch. 11 case and CMI

Yahoo Bot · Fri Apr 30, 2010 10:02 pm

Barf is crazy, but not that crazy. If a court orders a 10k child support payment in one payment, your reading would be accurate, but if the payment is in installments, prepetition installments shall not be 1325b2A payments. All other installments which first become due postpetition are 1325b2A payments.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Apr 29, 2010, at 1:17 PM, "Mark J. Markus" wrote:
OK, thanks. Now that I read 1325(b)(2)A more carefully, it seems to say that the debtor can subtract expenses for his/her maintenance and support, and for any domestic support obligations (DSO), but only if said DSO first becomes payable post petition. Huh?? So if the debtor had a DSO ordering him to pay $10,000 per month to his ex wife and child and payments on it started a year ago, he can't subtract that from his CMI to determine disposable income? Am I missing something or is this just one of the many nonsensical BARF provisions?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at
The post was migrated from Yahoo.

Yahoo Bot · Thu Apr 29, 2010 1:17 pm

OK, thanks. Now that I read 1325(b)(2)A more carefully, it seems to say
that the debtor can subtract expenses for his/her maintenance and
support, and for any domestic support obligations (DSO), but only if
said DSO first becomes payable post petition. Huh?? So if the debtor
had a DSO ordering him to pay $10,000 per month to his ex wife and
child and payments on it started a year ago, he can't subtract that from
his CMI to determine disposable income? Am I missing something or is
this just one of the many nonsensical BARF provisions?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 4/29/2010 1:04 PM, P L wrote:
>
>
> Yes, that was typo. Objection must be by holder of allowed unsecured
> claim NOT secured claim.
> Law is unsettle on whether 1325(b)(3) applies. If so, then reductions
> of above-median-income debtor reduce CMI, if not then 1325(b)(2) is
> only reasonable and necessary standard. Either way, do not use Form
> B22C, use form B22B for Chapter 11 and in your plan confirmation brief
> you would need to show how the plan provides at least 60 x PDI
> (whichever way you argue it should be calculated).
> Peter M. Lively, JD/MBA
> Law Office of Peter M. Lively * Personal Financial Law Center I
> 11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
> Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
> A-Bankruptcy-Attorney.com
>
> Personal Financial Law Center II
> 1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
> Telephone: (949)650-3328
>
>
> THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY
> TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS
> PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE
> LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR
> THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE
> INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION,
> DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED.
> IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US
> IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
>
>
> ------------------------------------------------------------------------
> *From:* Mark J. Markus
> *To:* cdcbaa@yahoogroups.com
> *Sent:* Thu, April 29, 2010 12:22:47 PM
> *Subject:* Re: [cdcbaa] Individual Ch. 11 case and CMI
>
> So, I think your answer is "yes" a separate Form 22C would need to be
> included in addition to Form 22 B in order to show the calculations.
> (and I think you meant UNSECURED claim, not secured)
>
> ************ ********* ****
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web:http://www.bklaw. com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this means athttp://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition/)
> ____________ _________ _________ _________ _________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
> On 4/29/2010 11:41 AM, P L wrote:
>> Individual Chapter 11 debtor facing an objection by a holder of
>> allowed secured claim uses CMI less 1325(b)(2) to determine Projected
>> Disposable Income ("PDI"); law in unsettled as to whether 1325(b)(3)
>> is used for above-median- income debtors, I believe it does since it
>> is a logical subset of (b)(2). Plan must proposal distribution of a
>> *value of property* at least as much as PDI x 5 years (or as long as
>> the plan provides for payments) to satisfy confirmaiton
>> standard. Also unsettled is whether only the value (60 months of
>> PDI) is required or a 5 year duration.
>> Peter M. Lively, JD/MBA
>> Law Office of Peter M. Lively * Personal Financial Law Center I
>> 11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
>> Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
>> A-Bankruptcy- Attorney. com
>>
>> Personal Financial Law Center II
>> 1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
>> Telephone: (949)650-3328
>>
>>
>> THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY
>> TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS
>> PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE
>> LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR
>> THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE
>> INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION,
>> DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED.
>> IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US
>> IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
>>
>>
>> ------------------------------------------------------------------------
>> *From:* Mark J. Markus
>> *To:* cdcbaa@yahoogroups. com
>> *Sent:* Thu, April 29, 2010 10:53:54 AM
>> *Subject:* [cdcbaa] Individual Ch. 11 case and CMI
>>
>> For those of you who have handled an individual Ch. 11 under BARF:
>>
>> The Code says in section 1129(a)(15) (in essence) that the debtor can
>> overcome an objection by an unsecured creditor and satisfy that
>> subsection if he is paying the DMI amount as that is calculated for a
>> Chapter 13 case (in short, the Form 22C DMI figure). However, the
>> actual Form 22B required for Chapter 11 individual debtors is literally
>> an income-only form, with no deductions for any expenses. Does this
>> mean that a separate Form 22C calculation/ form must be attached?
>>
>> ************ ********* ****
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173 (818)509-1460 (fax)
>> web: http://www.bklaw. com/
>> This Firm is a Qualified Federal Debt Relief Agency (see what this
>> means at http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief-
>> agencies- definition/
>> )
>> ____________ _________ _________ _________ _________
>> NOTICE: This Electronic Message contains information from the law
>> office of Mark J. Markus that may be privileged. The information is
>> intended for the use of the addressee only. If you are not the
>> addressee, note that any disclosure, copy, distribution or use of the
>> contents of this message is prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
>> imposed by the IRS, we inform you that any U.S. tax advice contained
>> in this communication (or in any attachment) is not intended or
>> written to be used, and cannot be used, for the purpose of (i)
>> avoiding penalties under the Internal Revenue Code or (ii) promoting,
>> marketing or recommending to another party any transaction or matter
>> addressed in this communication.
>>
>>
>
>
>
>

The post was migrated from Yahoo.

Yahoo Bot · Thu Apr 29, 2010 1:04 pm

Yes,that was typo. Objection must be by holder of allowed unsecured claimNOT secured claim.
Law is unsettle on whether 1325(b)(3) applies. If so, then reductions of above-median-income debtor reduce CMI, if not then 1325(b)(2) is only reasonable and necessary standard.Either way,do not use Form B22C,use form B22B for Chapter 11 and in your plan confirmation brief you would need to show how the plan provides atleast 60 x PDI (whichever way you argue it should be calculated).
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Thu, April 29, 2010 12:22:47 PM
Subject: Re: [cdcbaa] Individual Ch. 11 case and CMI
So, I think your answer is "yes" a separate Form 22C would need to be included in addition to Form 22 B in order to show the calculations. (and I think you meant UNSECURED claim, not secured)
************ ********* ****
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition/)
____________ _________ _________ _________ _________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 4/29/2010 11:41 AM, P L wrote:
Individual Chapter 11 debtor facing an objection by a holder of allowed Income("PDI"); law in unsettled as to whether 1325(b)(3) is used for above-median- income debtors, I believe it does since it is a logical subset of (b)(2). Plan must proposal distribution of a value of property at least as much as PDI x5 years (or as long as the plan provides for payments) to satisfy confirmaiton standard.Also unsettled is whetheronly the value (60 months of PDI)is required or a5 year duration.
>Peter M. Lively, JD/MBA
>Law Office of Peter M. Lively * Personal Financial Law Center I
>11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
>Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
>A-Bankruptcy- Attorney. com
>
>
>Personal Financial Law Center II
>1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
>Telephone: (949)650-3328
>
>
>THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
>
>
>
>
>
________________________________
>To: cdcbaa@yahoogroups. com
>Sent: Thu, April 29, 2010 10:53:54 AM
>Subject: [cdcbaa] Individual Ch. 11 case and CMI
>
>
>For those of you who have handled an individual Ch. 11 under BARF:
>
>The Code says in section 1129(a)(15) (in essence) that the debtor can
>overcome an objection by an unsecured creditor and satisfy that
>subsection if he is paying the DMI amount as that is calculated for a
>Chapter 13 case (in short, the Form 22C DMI figure). However, the
>actual Form 22B required for Chapter 11 individual debtors is literally
>an income-only form, with no deductions for any expenses. Does this
>mean that a separate Form 22C calculation/ form must be attached?
>
>************ ********* ****
>Mark J. Markus
>Law Office of Mark J. Markus
>11684 Ventura Blvd. PMB #403
>Studio City, CA 91604-2652
>(818)509-1173 (818)509-1460 (fax)
>web: http://www.bklaw. com/
>This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition/)
>____________ _________ _________ _________ _________
>NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
>
Yes, that was typo. Objection must be by holder of allowed unsecured claim NOT secured claim.

Law is unsettle on whether 1325(b)(3) applies. If so, then reductions of above-median-income debtor reduce CMI, if not then 1325(b)(2) is only reasonable and necessary standard. Either way, do not use Form B22C, use form B22B for Chapter 11 and in your plan confirmation brief you would need to show how the plan provides at least 60 x PDI (whichever way you argue it should be calculated). Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706-B Newport Boulevard, Costa Mesa, CA 92627-3073Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Mark J. Markus <bklawr@yahoo.com>To: cdcbaa@yahoogroups.comSent: Thu, April 29, 2010 12:22:47 PMSubject: Re: [cdcbaa] Individual Ch. 11 case and CMI
So, I think your answer is "yes" a separate Form 22C would need to be included in addition to Form 22 B in order to show the calculations. (and I think you meant UNSECURED claim, not secured)
The post was migrated from Yahoo.

Yahoo Bot · Thu Apr 29, 2010 12:22 pm

So, I think your answer is "yes" a separate Form 22C would need to be
included in addition to Form 22 B in order to show the calculations.
(and I think you meant UNSECURED claim, not secured)
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 4/29/2010 11:41 AM, P L wrote:
>
>
> Individual Chapter 11 debtor facing an objection by a holder of
> allowed secured claim uses CMI less 1325(b)(2) to determine Projected
> Disposable Income ("PDI"); law in unsettled as to whether 1325(b)(3)
> is used for above-median-income debtors, I believe it does since it is
> a logical subset of (b)(2). Plan must proposal distribution of a
> *value of property* at least as much as PDI x 5 years (or as long as
> the plan provides for payments) to satisfy confirmaiton
> standard. Also unsettled is whether only the value (60 months of
> PDI) is required or a 5 year duration.
> Peter M. Lively, JD/MBA
> Law Office of Peter M. Lively * Personal Financial Law Center I
> 11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
> Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
> A-Bankruptcy-Attorney.com
>
> Personal Financial Law Center II
> 1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
> Telephone: (949)650-3328
>
>
> THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY
> TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS
> PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE
> LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR
> THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE
> INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION,
> DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED.
> IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US
> IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
>
>
> ------------------------------------------------------------------------
> *From:* Mark J. Markus
> *To:* cdcbaa@yahoogroups.com
> *Sent:* Thu, April 29, 2010 10:53:54 AM
> *Subject:* [cdcbaa] Individual Ch. 11 case and CMI
>
> For those of you who have handled an individual Ch. 11 under BARF:
>
> The Code says in section 1129(a)(15) (in essence) that the debtor can
> overcome an objection by an unsecured creditor and satisfy that
> subsection if he is paying the DMI amount as that is calculated for a
> Chapter 13 case (in short, the Form 22C DMI figure). However, the
> actual Form 22B required for Chapter 11 individual debtors is literally
> an income-only form, with no deductions for any expenses. Does this
> mean that a separate Form 22C calculation/ form must be attached?
>
> ************ ********* ****
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw. com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this
> means at http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief-
> agencies- definition/
> )
> ____________ _________ _________ _________ _________
> NOTICE: This Electronic Message contains information from the law
> office of Mark J. Markus that may be privileged. The information is
> intended for the use of the addressee only. If you are not the
> addressee, note that any disclosure, copy, distribution or use of the
> contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
> imposed by the IRS, we inform you that any U.S. tax advice contained
> in this communication (or in any attachment) is not intended or
> written to be used, and cannot be used, for the purpose of (i)
> avoiding penalties under the Internal Revenue Code or (ii) promoting,
> marketing or recommending to another party any transaction or matter
> addressed in this communication.
>
>
>
>
>

The post was migrated from Yahoo.

Yahoo Bot · Thu Apr 29, 2010 11:41 am

Individual Chapter 11 debtor facing an objection by a holder of allowed Income("PDI"); law in unsettled as to whether 1325(b)(3) is used for above-median-income debtors, I believe it does since it is a logical subset of (b)(2). Plan must proposal distribution of a value of property at least as much as PDI x5 years (or as long as the plan provides for payments) to satisfy confirmaiton standard.Also unsettled is whetheronly the value (60 months of PDI)is required or a5 year duration.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Thu, April 29, 2010 10:53:54 AM
Subject: [cdcbaa] Individual Ch. 11 case and CMI
For those of you who have handled an individual Ch. 11 under BARF:
The Code says in section 1129(a)(15) (in essence) that the debtor can
overcome an objection by an unsecured creditor and satisfy that
subsection if he is paying the DMI amount as that is calculated for a
Chapter 13 case (in short, the Form 22C DMI figure). However, the
actual Form 22B required for Chapter 11 individual debtors is literally
an income-only form, with no deductions for any expenses. Does this
mean that a separate Form 22C calculation/ form must be attached?
************ ********* ****
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition/)
____________ _________ _________ _________ _________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
Individual Chapter 11 debtor facing an objection by a holder of allowed secured claim uses CMI less 1325(b)(2) to determine Projected Disposable Income ("PDI"); law in unsettled as to whether 1325(b)(3) is used for above-median-income debtors, I believe it does since it is a logical subset of (b)(2). Plan must proposal distribution of a value of property at least as much as PDI x 5 years (or as long as the plan provides for payments) to satisfy confirmaiton standard. Also unsettled is whether only the value (60 months of PDI) is required or a 5 year duration. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706-B Newport Boulevard, Costa Mesa, CA 92627-3073Telephone: (949)650-3328
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From: Mark J. Markus <bklawr@yahoo.com>To: cdcbaa@yahoogroups.comSent: Thu, April 29, 2010 10:53:54 AMSubject: [cdcbaa] Individual Ch. 11 case and CMI
For those of you who have handled an individual Ch. 11 under BARF:The Code says in section 1129(a)(15) (in essence) that the debtor can overcome an objection by an unsecured creditor and satisfy that subsection if he is paying the DMI amount as that is calculated for a Chapter 13 case (in short, the Form 22C DMI figure). However, the actual Form 22B required for Chapter 11 individual debtors is literally an income-only form, with no deductions for any expenses. Does this mean that a separate Form 22C calculation/ form must be attached?************ ********* ****Mark J. MarkusLaw Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA 91604-2652(818)509-1173 (818)509-1460 (fax)web:
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Yahoo Bot · Thu Apr 29, 2010 10:53 am

For those of you who have handled an individual Ch. 11 under BARF:
The Code says in section 1129(a)(15) (in essence) that the debtor can
overcome an objection by an unsecured creditor and satisfy that
subsection if he is paying the DMI amount as that is calculated for a
Chapter 13 case (in short, the Form 22C DMI figure). However, the
actual Form 22B required for Chapter 11 individual debtors is literally
an income-only form, with no deductions for any expenses. Does this
mean that a separate Form 22C calculation/form must be attached?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
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The post was migrated from Yahoo.