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December 21st, 2009Do You Owe What I Owe? Peace, Fresh Start Waiting for You New Year's Night
December 16th, 2009
My blogging colleague, Wendell Sherk of St. Louis, MO, wrote this bankruptcy riff on an old Christmas carol:
Do You Owe What I Owe?
(To the tune of “Do You Hear What I Hear?”)
Said the neighbor to the young man,
“Do you owe what I owe?
Bills up to the sky, young man,
Do you see what I see?
A choice, a choice, waiting in the night
A new start to end the year alright,
A fresh start for a New Year’s Night.”
Said the collector to the young man,
“I know what you owe…
Bills up to the sky, little debtor man,
Do you hear what I say?
Pay what you can’t pay, little debtor man!”
With a voice as big as the sea,
With a voice as big as the sea.
Said the young man to the lawyer kind,
“Do you know what I owe?
In your palace warm, lawyer man,
Do you know what I owe?
An arm, a leg, I’ll be out in the cold–
Help me save a little silver, or gold,
Help me save a little silver, or gold.”
Said the judge to the people everywhere,
“Listen to what I say!
Be at peace, people, everywhere,
Listen to what I say!
A fresh start, a new start, waiting in the night
To bring you peace and goodness,
To bring you quiet in the night.”
With apologies to Noel Regney & Gloria Shayne Baker
A sample of the original (better) song can be found here.
Chapter 13 Payment Amount Can Change, But Not Plan Length
December 16th, 2009APPLICABLE COMMITMENT PERIOD IS FIXED AS DATE OF FILING
In re Moore, Case No. 06-20031
April 2007, Judge Berger
Debtors’ circumstances changed post petition pre confirmation. Although this does not change the ACP, it can change the amount to be paid to creditors. The ACP is locked in as of the date of filing. The Court noted that 1325(b)(1) only comes into play if the trustee objects, and the trustee has the discretion to object or not.
Digest by: Jan Hamilton, Trustee
What is the Automatic Stay?
December 15th, 2009Automatic stay: The injunction issued automatically upon the filing of a bankruptcy case which prohibits collection actions against the debtor, the debtor’s property or the property of the estate. See Relief from Stay on terminating the injunction.
My Wife Didn't File Bankruptcy, Can I Deduct Her Car Payment on My Means Test?
December 15th, 2009NON DEBTOR EXPENSES NOT ALLOWED ON B22C
In re Shahan, Case No. 06-11638
April 2007, Judge Nugent
Above median debtor filed 13; wife did not. Trustee objected to confirmation on basis of various B22C deductions. Debtor was allowed to take a marital deduction on Line 19 from his paycheck, which represented mandatory withholdings from her paycheck and, as such, was not dedicated to household expenses. Debtor sought to deduct future payments on secured debts for wife’s debts on Line 47. Since these were not debtor’s expenses, they were not allowed. Additionally, debtor sought to deduct $415.00 on line 59. This includes wife’s monthly recreational expenses, loan repayment to family, tax prep fees and $200.00 per month to help an adult daughter. These are to be actual expenses. None of these qualified, except for the tax preparation expenses as analyzed by the Court.
Digest By: Jan Hamilton, Trustee
What are Assets in Bankruptcy?
December 14th, 2009Assets. Assets are every form of property that the debtor owns. They include such intangible things as business goodwill; the right to sue someone; or stock options. The debtor must disclose all of his assets in the bankruptcy schedules; exemptions remove the exempt assets from property of the estate.
What is an Bankruptcy Adversary Proceeding?
December 13th, 2009Adversary proceeding: A lawsuit filed in the bankruptcy court which is related to the debtor’s bankruptcy case. Examples are complaints to determine the dischargeability of a debt and complaints to determine the extent and validity of liens.
My Income Is Below Median, How Long Do I Pay My Chapter 13 Payments?
December 13th, 2009BELOW THE LINE DEBTOR MUST RUN 36 MONTHS
In re Pohl, Case No. 06-41236
May 2007, Judge Karlin
The Court determined that a below the line debtor’s case must “run” 36 months, unless it pays off all claims in full, citing 1325(b)(4). Below the line disposable income determined by Schedule J, since the bottom half of B22C does not get filled out by a BMI debtor. ACP is temporal and not a multiplier. Judge Karlin cited, with approval, Judge Somers’ decision, In re Daniel and Judge Berger’s decisions, In re Beckerle and In re Anderson on the ACP issue.
Source: Jan Hamilton, Trustee
KCK 13 Bankruptcy Trustee Moves
November 30th, 2009The chapter 13 bankruptcy trustee for cases filed in Kansas City, Kansas, has moved to a new office at 6330 Lamar, Ste. 110, Overland Park, KS 66202.
Payments to William H. Griffin, Trustee, still go to the bank lock box at PO Box 613106, Memphis, TN 38101. No money is accepted at the Overland Park office, all payments must be mailed to the bank.