Q: Monthly repayment amount determined by form 122C-2 or through schedules I/J in CH 13? I am above the median income in VA
I am married but filing by myself. I just wanted to know if schedules I/J are used or form 122C-2 (using local and national standards) should be used to determine repayment plan. I want to compare to what my lawyer proposed to make sure I am getting sound advice.
A: Both are used by Ch. 13 Trustees in my PA district, as guidelines, but the "bottom line" amount which your plan must propose to be confirmed is the net fair market value of the property/assets you propose to retain. There is a Bankruptcy Code provision that requires that a Ch. 13 plan must pay out at least the "indubitable equivalent" of the amount your creditors would receive if you were in a Ch. 7 case.
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