.jpg)
calculating new percentage in Ch. 13
Check the Trustee's website for the percentage they use. I know that Rojas' precentage is 9.25%.
Nate
mjessee@jesseelaw.com wrote: My program figures the calculations out. The trustees do calculate wrong occasionally. She may originally have calculated based on listed debt rather than claims filed if the deadline had not expired.
Sent from my BlackBerry wireless device
Date: Wed, 12 Mar 2008 23:08:14
To:
Subject: [cdcbaa] calculating new percentage in Ch. 13
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).
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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, 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). Yahoo! Groups Links<*> To visit your group on the web, go to: http://groups.yahoo.com/group/cdcbaa/<*> Your email settings: Individual Email | Traditional<*> To change settings online go to: http://groups.yahoo.com/group/cdcbaa/join (Yahoo! ID required)<*> To change settings via email: mailto:cdcbaa-digest@yahoogroups.com mailto:cdcbaa-fullfeatured@yahoogroups.com<*> To
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Required basically because trustee gets fee on the fee, i.e., if fee is set at 10% of everything else, she also gets 10% of the 10%, and so on, comes out to 11.11%. The following two cases dealt with this issue:
In re BDT Farms, Inc., 21 F.3d 1019 (10th Cir. 1994)(utilizing fee-on-fee method, i.e., 11.11% effective fee when fee set at 10%), and Pelofsky v. Wallace, 102 F.3d 350 (8th Cir. 1996)(no fee on fee, i.e., 10% means 10%).
P L wrote:
Thats what the Form Plan requires, see page 6 of F 3015-1.1
Mark JM wrote:
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest = S
Priority Claims with interest = P
Attorney fees paid to date = A1
Estimated Supp Fees = A2
Sub-total Plan Base (pre trustee %) = SubPB
Trustee Fees on New Plan Base (PB2) = SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base = D1 + D2 = PB2
Amount Paid by Debtor to-date = D1
Amount Debtor can pay through end of Plan = remaining months x new i-j = D2
Amount available for general unsecured creditors = PB2 - (S + P + A1 + A2 + T2) = U2
New Percentage Plan = U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
Never miss a thing. Make Yahoo your homepage.
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Joseph E. Caceres, Esq.
Caceres & Shamash, LLP
8383 Wilshire Blvd., Suite 1010
Beverly Hills, CA 90211-2409
Tel: (323) 852-1600, ext. 102
Fax: (323) 852-9009
E-mail: jec@locs.com
The post was migrated from Yahoo.
charset="windows-1251"
We use 11% because the Trustee gets 10% of all disbursements, including her
own fees. So 10% of the 10% paid to her is another 1%. This could keep on
going mathematically, but they have "kindly" agreed to limit it to 11% for
ease(?) of use.
No, I'm not kidding. This is the REAL reason.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
L
Sent: Thursday, March 13, 2008 8:53 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
Thats what the Form Plan requires, see page 6 of F 3015-1.1
Mark JM wrote:
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've
seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
To: cdcbaa@yahoogroups. com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's
declaration supporting the MOMOD:
Secured claims with interest S
Priority Claims with interest P
Attorney fees paid to date A1
Estimated Supp Fees A2
Sub-total Plan Base (pre trustee %) SubPB
Trustee Fees on New Plan Base (PB2) SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base D1 + D2 PB2
Amount Paid by Debtor to-date D1
Amount Debtor can pay through end of Plan remaining months x new i-j
Amount available for general unsecured creditors PB2 - (S + P + A1 +
A2 + T2) U2
New Percentage Plan U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative
expense by deriving the total ability to pay as what has been paid (D1) plus
what can be paid moving forward (D2) first. Then you plug in the numbers
and derive the new amount available for general unsecured creditors and
divide that by the total to get the percentage.
Mark JM wrote:
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).
_____
Never miss a thing. Make
Yahoo your
homepage.
_____
Never miss a thing. Make Yahoo
your homepage.
charset="windows-1251"
Message
We use 11% because the
Trustee gets 10% of all disbursements, including her own fees. So 10% of
the 10% paid to her is another 1%. This could keep on going
mathematically, but they have "kindly" agreed to limit it to 11% for ease(?) of
use.
No, I'm not kidding.
This is the REAL reason.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Sorry, but what is "T2" in your formula?
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest S
Priority Claims with interest P
Attorney fees paid to date A1
Estimated Supp Fees A2
Sub-total Plan Base (pre trustee %) SubPB
Trustee Fees on New Plan Base (PB2) SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base D1 + D2 PB2
Amount Paid by Debtor to-date D1
Amount Debtor can pay through end of Plan remaining months x new i-j D2
Amount available for general unsecured creditors PB2 - (S + P + A1 + A2 + T2) U2
New Percentage Plan U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
Never miss a thing. Make Yahoo your homepage.
#ygrp-mkp {
The post was migrated from Yahoo.
charset="windows-1251"
Messageahhh....
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 10:57 AM
Subject: RE: [cdcbaa] calculating new percentage in Ch. 13
We use 11% because the Trustee gets 10% of all disbursements, including her own fees. So 10% of the 10% paid to her is another 1%. This could keep on going mathematically, but they have "kindly" agreed to limit it to 11% for ease(?) of use.
No, I'm not kidding. This is the REAL reason.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
Business bankruptcy specialist cert. by Amer. Bd. of Certification
-----Original Message-----
P L
Sent: Thursday, March 13, 2008 8:53 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
Thats what the Form Plan requires, see page 6 of F 3015-1.1
Mark JM wrote:
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest S
Priority Claims with interest P
Attorney fees paid to date A1
Estimated Supp Fees A2
Sub-total Plan Base (pre trustee %) SubPB
Trustee Fees on New Plan Base (PB2) SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base D1 + D2 PB2
Amount Paid by Debtor to-date D1
Amount Debtor can pay through end of Plan remaining months x new i-j D2
Amount available for general unsecured creditors PB2 - (S + P + A1 + A2 + T2) U2
New Percentage Plan U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
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I know....I just never understood it.
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:52 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
Thats what the Form Plan requires, see page 6 of F 3015-1.1
Mark JM wrote:
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest S
Priority Claims with interest P
Attorney fees paid to date A1
Estimated Supp Fees A2
Sub-total Plan Base (pre trustee %) SubPB
Trustee Fees on New Plan Base (PB2) SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base D1 + D2 PB2
Amount Paid by Debtor to-date D1
Amount Debtor can pay through end of Plan remaining months x new i-j D2
Amount available for general unsecured creditors PB2 - (S + P + A1 + A2 + T2) U2
New Percentage Plan U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
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#ygrp-mkp {
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Thats what the Form Plan requires, see page 6 of F 3015-1.1
Mark JM wrote:
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest = S
Priority Claims with interest = P
Attorney fees paid to date = A1
Estimated Supp Fees = A2
Sub-total Plan Base (pre trustee %) = SubPB
Trustee Fees on New Plan Base (PB2) = SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base = D1 + D2 = PB2
Amount Paid by Debtor to-date = D1
Amount Debtor can pay through end of Plan = remaining months x new i-j = D2
Amount available for general unsecured creditors = PB2 - (S + P + A1 + A2 + T2) = U2
New Percentage Plan = U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
Never miss a thing. Make Yahoo your homepage.
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The post was migrated from Yahoo.
Thanks, Dennis. Of course...the percentage was calculated pre-bar
date....Duh....
I obviously worked on this too late at night.To:
Sent: Thursday, March 13, 2008 8:50 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
>
> --- Mark JM wrote:
>
>>
>> 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
>
>
>
> ____________________________________________________________________________________
> Be a better friend, newshound, and
> know-it-all with Yahoo! Mobile. Try it now.
> http://mobile.yahoo.com/;_yltu06i62sR8HDtDypao8Wcj9tAcJ
>
>
>
>
> Yahoo! Groups Links
>
>
>
The post was migrated from Yahoo.
Excellent! Thank you. Why are you using 11% for the Trustee's fees? I've seen that elsewhere. Must be some kind of accounting anomaly.
______________________
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).
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, March 13, 2008 9:42 AM
Subject: Re: [cdcbaa] calculating new percentage in Ch. 13
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest S
Priority Claims with interest P
Attorney fees paid to date A1
Estimated Supp Fees A2
Sub-total Plan Base (pre trustee %) SubPB
Trustee Fees on New Plan Base (PB2) SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base D1 + D2 PB2
Amount Paid by Debtor to-date D1
Amount Debtor can pay through end of Plan remaining months x new i-j D2
Amount available for general unsecured creditors PB2 - (S + P + A1 + A2 + T2) U2
New Percentage Plan U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
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#ygrp-mkp {
The post was migrated from Yahoo.
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD:
Secured claims with interest = S
Priority Claims with interest = P
Attorney fees paid to date = A1
Estimated Supp Fees = A2
Sub-total Plan Base (pre trustee %) = SubPB
Trustee Fees on New Plan Base (PB2) = SubPB * 11% or [(PB2/1.11) * 11%]
New Plan Base = D1 + D2 = PB2
Amount Paid by Debtor to-date = D1
Amount Debtor can pay through end of Plan = remaining months x new i-j = D2
Amount available for general unsecured creditors = PB2 - (S + P + A1 + A2 + T2) = U2
New Percentage Plan = U2/total general unsecured claims.
You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage.
Mark JM wrote:
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).
Never miss a thing. Make Yahoo your homepage.
This is the formula I use for MOMOD, I set forth the numbers in the debtor's declaration supporting the MOMOD: Secured claims with interest = S Priority Claims with interest = P Attorney fees paid to date = A1 Estimated Supp Fees = A2 Sub-total Plan Base (pre trustee %) = SubPB Trustee Fees on New Plan Base (PB2) = SubPB * 11% or [(PB2/1.11) * 11%] New Plan Base = D1 + D2 = PB2 Amount Paid by Debtor to-date = D1 Amount Debtor can pay through end of Plan = remaining months x new i-j = D2 Amount available for general unsecured creditors = PB2 - (S + P + A1 +
A2 + T2) = U2 New Percentage Plan = U2/total general unsecured claims. You obviously need to back into the Trustee's percentage administrative expense by deriving the total ability to pay as what has been paid (D1) plus what can be paid moving forward (D2) first. Then you plug in the numbers and derive the new amount available for general unsecured creditors and divide that by the total to get the percentage. Mark JM <bklawr@yahoo.com> wrote:
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. MarkusLaw Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio 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).
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The post was migrated from Yahoo.