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Allowed deductions on non-consumer Ch. 13
First, an early Happy New Year to all...
OK, I have a head cold so not thinking too clearly, but here are the facts:
Above median debtor has primarily non-consumer debts generated from self employment (gambling) (don't laugh).
I'm concerned about a 707(a) dismissal motion because he is showing about $1,000 monthly surplus I&J income (Means test doesn't apply). This amount could be reduced to $500 if a loan repayment he is making to a city deferred comp. plan is "allowed", but we're looking into that.
Anyway, assume for argument's sake that he needs to convert to a Chapter 13. I'm trying to determine the estimate monthly payment amount, and the plan term.
Would the plan term still be 60 months since he's above median, even though the means test doesn't apply?
For some reason, the DMI comes out to a much higher amount than I&J, even after deducting all retirement contributions. Is this the amount that would have to be used in the Chapter 13 despite the fact that in a Ch. 7 the surplus was actually lower?
Thanks in advance,
Mark
*************************
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)
Toll Free: 1-866-576-6275
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
_____
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
First, an early Happy New Year to
all...
OK, I have a head cold so not thinking too clearly,
but here are the facts:
Above median debtor has primarily non-consumer
debts generated from self employment (gambling) (don't
laugh).
I'm concerned about a 707(a) dismissal motion
because he is showing about $1,000 monthly surplus I&J income (Means test
doesn't apply). This amount could be reduced to $500 if a loan repayment
he is making to a city deferred comp. plan is "allowed", but we're looking into
that.
Anyway, assume for argument's sake that he needs to
convert to a Chapter 13. I'm trying to determine the estimate
monthly payment amount, and the plan term.
Would the plan term still be 60 months since he's
above median, even though the means test doesn't apply?
For some reason, the DMI comes out to a much higher
amount than I&J, even after deducting all retirement
contributions. Is this the amount that would have to be used in the
Chapter 13 despite the fact that in a Ch. 7 the surplus was actually
lower?
Thanks in advance,
Mark
*************************Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173 (818)509-1460 (fax)Toll Free:
1-866-576-6275web: http://www.bklaw.com/This Firm is aQualified Federal Debt Relief Agency_____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 addresseeonly. 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.