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Attorney2020, Attorney
Category: Bankruptcy Law
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Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I have a question about chapter 13 plans and a loan modification. If

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I have a question about chapter 13 plans and a loan modification.

If I have asked for a loan modification while filing a chapter 13 it's going to give me several hundred dollars of disposable income due to a lower house payment.
The Chapter 13 statement of monthly income form says my income is below the median.

When determining how much money should go to unsecured creditors, does Schedule J play a role? If Schedule J says I have $300 income after making my secured plan payment, do I lose this $300 to unsecured creditors? Or any way I can hold onto it?

Attorney2020 :

Hello:


 


The difference between your Schedule I income and Schedule J expenses is your payment plan. The priorirty creditirs will be paid first and then the unsecured creditors in a CH 13.


 


To answer your question, yes your creditors will be looking for that $300.00 unless you have some additional expenses that you were unaware of that may be included in Schedule J. If not, the remaining balance is owed to creditors.


 


I hope this helps.


 


Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.


 


If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.


 


Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.


 


Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.


 


I am not entering into an attorney client relationship, this is a public forum, and all posts


are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.




 


 

Customer:

Does the net income calculated from Schedules I and J always determine the chapter 13 plan payment? Or are there exceptions?

Attorney2020 :

The net income determines Ch 13 payment plans and I am notaware of any exceptions that exist. The trustee will be chasing that money because that is how he/she gets paid.


 


I hope this helps.


 


Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.


 


If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.


 


Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.


 


Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.


 


I am not entering into an attorney client relationship, this is a public forum, and all posts


are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.




 


 

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