In February 2012 I filed Chapter 13 Pro Se. I recently had my 341 hearing. The trustee
commented about several details in my plan that may need to be amended.
First, the amount I had listed as the value of my household furnishings. I had $15,000 which the trustee said is questionable. The trustee, "If you were to sell the assets at fire sale prices, would you get $15,000 for them?" I replied, "probably not". "Then you have overstated the value and you should adjust the value and amend the plan, otherwise I will object to the plan", was the trustee's reply. I plan to file an amended plan to reflect $5,000 as fire sale value. Is this more realistic? What effect will this have on my plan?
Second, the median income for a family of two I had listed as $64,288.00 and the trustee commented the amount is incorrect. I said I did not think it is incorrect and that I would double check and amend it if I found an error. I double checked at the following link and found the $64,288.00 is correct. http://www.justice.gov/ust/eo/bapcpa
/20111101/bci_data/median_income_table.htm. Can you confirm this is correct for VA?
Third, prior to the 341 the trustee had asked me to send my two most recent months pay stubs. I had earned a good deal of unexpected overtime during this period due to setting up a new market area. The trustee used these to forecast my annual income for 2012 and said it appears I will have more income than I forecast in my plan, exceeding the median income listed and I assume would require me to amend the plan and make it a 5 year plan as opposed to a 3 year. I told the trustee my income varies from month to month and the most recent two months pay stubs would not reflect what my annual projected income will be. The trustee asked, "do you have new information about your job regarding your income?" My answer was no. Actually, I may have misunderstood the question. I do have relatively new information (I used this new information to forecast my annual pay of $62,400 for the plan). My schedule for April shows my hours will be substantially less than Jan. and Feb. with no overtime.
My question is: I thought I was required to use the six months prior to filing Chapter 13 as the basis for proving my annual income. I am certain the six months prior income supports the $62,400 annual that I forecast I will earn this next year. My Federal income tax filing for 2011 is about the same. My employers have indicated my job situation will change from previous years. There will be less overtime, however I will be given a $2.00 per hour raise. With this new information I extrapolated to forecast my income for the plan and I arrived at $62,400.00. Do I need to write a more detailed explanation of how I arrived at the $62,400.00 and send it to the trustee? Should I provide a spreadsheet forecasting my next twelve months income showing slow months vs. busy months? What do I need to do if anything to show I have not underestimated my annual income so my plan will be accepted?