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Issue 4 of the Newsletter
good, I personally like the casualness of the comments if that works
for you.
>
> Yea, and now I'm battling with the court trying to figure out how
to file
> these mandatory form motions that have the "Order Thereon" in the
body of
> the motion, because you are not (according to our e-file dept.)
allowed to
> e-file these. So you have to get the Trustee's comments, then
file the
> Motion and notice manually with envelopes, etc, but apparently you
do it
> after the 15-day period expires. The next question becomes, do
you have to
> file a Declaration re: no objections filed (as per the local
rules) and does
> THAT get e-filed or manually filed with the Motion attached to it.
>
> I also still want to know what "T2" is in Peter's formula.
>
> I'll rewrite my question so it sounds more "newsletter-ish"
>
> ______________________
> 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).
The post was migrated from Yahoo.
Yea, and now I'm battling with the court trying to figure out how to file
these mandatory form motions that have the "Order Thereon" in the body of
the motion, because you are not (according to our e-file dept.) allowed to
e-file these. So you have to get the Trustee's comments, then file the
Motion and notice manually with envelopes, etc, but apparently you do it
after the 15-day period expires. The next question becomes, do you have to
file a Declaration re: no objections filed (as per the local rules) and does
THAT get e-filed or manually filed with the Motion attached to it.
I also still want to know what "T2" is in Peter's formula.
I'll rewrite my question so it sounds more "newsletter-ish"
______________________
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:
Sent: Friday, March 14, 2008 10:56 AM
Subject: [cdcbaa] Issue 4 of the Newsletter
> How is this for an article for the cdcbaa newsletter? (620 words -
> perfect length) Mark and Peter - you obviously have time to edit
> your comments but this is a great question and a great answer.
>
> "Question of the Month"
> From Mark Marcus:
>
> 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.
>
> Answer from Peter Lively:
>
> 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.
>
>
>
> ------------------------------------
>
> Yahoo! Groups Links
>
>
>
The post was migrated from Yahoo.
How is this for an article for the cdcbaa newsletter? (620 words -
perfect length) Mark and Peter - you obviously have time to edit
your comments but this is a great question and a great answer.
"Question of the Month"
From Mark Marcus:
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.
Answer from Peter Lively:
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.
The post was migrated from Yahoo.