Friday, September 02, 2005

Better off under new Code?

In some cases, yes. If you have a potential client come into your office within the next few weeks you had better know when it would be more advantageous for them to file after October 16. What! you say. I believe so. If you have someone in front of you that will obviously be a chapter 13 client either now or later you may be doing them a disservice by advising them to file now. It may be a narrow group who would be treated better, but I think it is worth the effort to check. If someone has disposable income, and will be doing a 13 anyways, you need to look at the disposable income calculations under the new code versus current law. Under current law 401(k) loan repayment does not count against disposable income, under the BAPCPA it does. So, if this persons ch13 repayment will be based on disposable income alone (or primarily) that $700/month repayment which is currently still part of disposable income, is not anymore. It is a recognized monthly expense under the Reform Act. What about child support and Social Security payments for dependents? Same story there. It might be worth a look to see how your client would fare under each version...

5 Comments:

At 6:48 PM, Anonymous Anonymous said...

You have a knack for
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I'm going to be starting a blog
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At 7:15 PM, Blogger Mark W said...

Thank you. I try to make this dense material readable. Contact me anytime.

 
At 8:24 PM, Blogger sputnik said...

q: what do you get when you cross a lawyer with a pig?

a: nothing, there is some things a pig just won't do.


let's not make a sport out of crapping on each others blogs.

 
At 6:41 PM, Anonymous Anonymous said...

what is the real tragedidy is that your unable to distinguish between a complement and spam. . .

-asshat lawyers crack me up!

 
At 5:36 PM, Blogger whoiam said...

good one, sputnik!!!

Mark-

so i'm interested to know your view point on religion, god, spirituality in general...just wondering...

 

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