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"
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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.