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calculating new percentage in Ch. 13
>
> This is part rant, part question.
>
>
the 25.25% is not based upon filed claims, it is based
upon the schedule of debt you filed. You set up a %
nunmber in your plan. 13 trustees tell the judge the
% which will be paid (and put in the confo order) at
the confo hearing. The trustee will pay more to
creditors if the claims filed are lower than the
scheduled amount. The trustee will claim the plan is
infeasible if the claims are higher than scheduled,
because you will be unable to pay the percentage.
...
If you wish, in your motion to amend, reference the
filed claims with your percentage, not the schedules.
Hyphen rant, "non" is a prefix. Prefixes are affixed.
i.e. nonaccountant
dennis
The post was migrated from Yahoo.
This is part rant, part question.
I'm quickly learning that it is completely infeasible to do motions to modify plans in this district, but I am undaunted at this time trying to help my client save $100 a month.
I'm seeking to lower plan payments by $100 per month starting...well, whenever. And there's about 48 months left in the plan. The original plan calls for paying 25.25% (yes, really) to unsecureds. The motion requires that I state what the NEW percentage will be if the Motion is granted (and also factoring in some unknown administrative amount for my fees).
Now, granted I am not an accountant. Actually am an attorney by trade, believe it or not (actually, I'm a musician by trade, but got a law degree, so there you go....alas, I digress...). But I do know most of the numbers in our system of mathematics and how to add and subtract. Yet I just spent 2 hours on Kathy Dockery's website crunching numbers, at first trying to ascertain where she came up with the 25.25% to begin with (since the amount of filed claims, and monthly payment into the plan, don't come up to that number, no matter how I calculate it--even with Trustee's fees included). So, if I can't even figure that out, there's no way in heck I'm going to be able to figure out how that percentage amount is going to change after some of the claims have now been partially paid (and some are 100% claims, such as taxes), etc.
I'm tempted to keep hacking away at this and then doing a fee app for $10,000, but I figured that wouldn't go over too well.
So, for all of you who do these regularly, is there an easy way for a non-accountant such as myself to figure this stuff out? Do you just pull a percentage figure out of.....thin air and see what happens? Maybe I should just pick 10%. No way it will be that low, but hey...lower expectations a bit, then everyone will be happier at the finish line, right?
And just to open an old can of worms.....Why in God's name are we still doing percentage based plans in this district? I recall going to a judge's meeting a few years back in the Valley where we discussed this and it was quickly dismissed by the Judges. Can't remember why. Sure would be easier to just state the amount to be paid monthly and it pays whatever it pays. (a "pot" plan I believe it's called).
Oh well....that's all for now.
______________________
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
___________
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 (or in any attachment).
This is part rant, part question.
I'm quickly learning that it is completelyinfeasible to do motions to modify plans in this district, but I am undaunted at
this time trying to help my client save $100 a month.
I'm seeking to lower plan payments by $100 per
month starting...well, whenever. And there's about 48 months left in the
plan. The original plan calls for paying 25.25% (yes, really) to
unsecureds. The motion requires that I state what the NEW percentage will
be if the Motion is granted (and also factoring in some unknown administrative
amount for my fees).
Now, granted I am not an accountant.
Actually am an attorney by trade, believe it or not (actually, I'm a musician by
trade, but got a law degree, so there you go....alas, I
digress...). But I do know most of the numbers in our system of
mathematics and how to add and subtract. Yet I just spent 2 hours on
Kathy Dockery's website crunching numbers, at first trying to ascertain where
she came up with the 25.25% to begin with (since the amount of filed claims, and
monthly payment into the plan, don't come up to that number, no matter how I
calculate it--even with Trustee's fees included). So, if I can't
even figure that out, there's no way in heck I'm going to be able to figure out
how that percentage amount is going to change after some of the claims have now
been partially paid (and some are 100% claims, such as taxes), etc.
I'm tempted to keep hacking away at this and then
doing a fee app for $10,000, but I figured that wouldn't go over
too well.
So, for all of you who do these regularly, is there
an easy way for a non-accountant such as myself to figure this stuff out?
Do you just pull a percentage figure out of.....thin air and see what
happens? Maybe I should just pick 10%. No way it will be that low,
but hey...lower expectations a bit, then everyone will be happier at the finish
line, right?
And just to open an old can of worms.....Why in
God's name are we still doing percentage based plans in this district? I
recall going to a judge's meeting a few years back in the Valley where we
discussed this and it was quickly dismissed by the Judges. Can't
remember why. Sure would be easier to just state the amount to be paid
monthly and it pays whatever it pays. (a "pot" plan I believe it's
called).
Oh well....that's all for now.
______________________Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173 (818)509-1460 (fax)web: 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 (or in any
attachment).
The post was migrated from Yahoo.