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Means Test, I & J, Plan Payments
I believe you can count the trustee and attorney fees as unsecured.
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Hi Grace,
I believe you misunderstood the trustee. However, s/he may have been
trying to convey the following:
Your client's positive DMI is the amount that has to go to unsecured
creditors per month over the term of the plan, any secured debt
reorganization is in addition to that DMI amount. Meaning, if your
client's DMI was 1400 and you needed another 500 a month to pay mortgage
arrears your plan payment would be at least 1900 (it would likely be
even higher since you will have trustee fees and probably some attorneys
fees as well).
Remember you already get reductions to that DMI because of the
arrearages and administrative fees if you prepared your Means Test
correctly.
Eva L. Taylor, Esq.
Borowitz & Clark, LLP
100 N. Barranca Ave., Ste. 250
West Covina, CA 91791
Ph: 626-332-8600
Fax: 626-332-8644
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Dear Esteemed Counsel:
I have a client that when I run the means test shows he has about $1,400.00
in disposable income. (Makes like 12K a month)
When I run I & J, He has about $1,400.00 left over to put towards Plan
Payments
When I run the Plan, what he owes in arrears, taxes, etc. his payment should
be $1,400.00 with 0% to unsecured.
But I had a trustee in a similar situation state that the client had to pay
not only the $1,400.00 left over on I&J AND had to contribute another
$1,400.00 exclusively towards the unsecured debt because the means test
reflected $1,400 in DMI
Did I misunderstand the Trustee? I thought that the DMI in the Means test
was the benchmark minimum that had to go into the plan to show best
efforts. I & J reflect the feasibility of the debtors to make the payment
indicated by the Means Test. Am I all messed up?
Please note I rarely run into a situation where I have a debtor who is
behind on mortgage because of a fraud loan mod company, and desperately
needs a bankruptcy to get caught up again and yet makes fairly good income.
Help?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
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Dear Esteemed Counsel:I have a client that when I run the means test shows he has about $1,400.00 in disposable income. (Makes like 12K a month)When I run I & J, He has about $1,400.00 left over to put towards Plan Payments
When I run the Plan, what he owes in arrears, taxes, etc. his payment should be $1,400.00 with 0% to unsecured.But I had a trustee in a similar situation state that the client had to pay not only the $1,400.00 left over on I&J AND had to contribute another $1,400.00 exclusively towards the unsecured debt because the means test reflected $1,400 in DMI
Did I misunderstand the Trustee? I thought that the DMI in the Means test was the benchmark minimum that had to go into the plan to show best efforts. I & J reflect the feasibility of the debtors to make the payment indicated by the Means Test. Am I all messed up?
Please note I rarely run into a situation where I have a debtor who is behind on mortgage because of a fraud loan mod company, and desperately needs a bankruptcy to get caught up again and yet makes fairly good income.
Help?-- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
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