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TABLE OF
CONTENTS
¶ 1.
Bankruptcy Math under BAPCPA
§ 1.1
Generally
§ 1.2 Three
key math tasks
a. The
median income test
b. The means
test
c. Disposable
income in Chapter 13
§ 1.3 Other
BAPCPA math
¶ 2. The
Median Income Test
§ 2.1
Who is subject to the median income test
§ 2.2 What
is "consumer" debt?
§ 2.3 What
is "primarily"?
§ 2.4 Safe
harbors
§ 2.5 What
is "Current Monthly Income"?
a. The
Code definition
b. What is
"income"?
c. What is
"derived"?
d. Whose
income is included?
e. What
period of time?
f. Other
"income" issues
§ 2.6
"Household" versus "Family" Income
§ 2.7
"Regularly" contributed to household
expenses
§ 2.8
"Median" state income
¶ 3. The
Means Test
§ 3.1
What is "income" for the means test?
§ 3.2
Permissible expenses
a. Are
IRS Manual interpretations applicable in
bankruptcy?
b. Expense
for secured claim where collateral
surrendered?
c. Surrender
in full satisfaction?
d. Tithing
and charitable expenses
e. Business
expenses
§ 3.3 The
means test formula
§ 3.4 The
presumption of abuse
§ 3.5
Overcoming the presumption
§ 3.6
Dismiss or convert
a.
Generally
b.
Eligibility for chapter 13
i.
Secured and Unsecured Debt
ii.
Liquidated and Contingent Debts
c. About
Chapter 11
¶ 4.
Disposable & Projected Disposable
Income
§
4.1 The median income test
§ 4.2 What
is "income" for calculation of disposable
income?
§ 4.3
Actual or IRS expense allowances?
a. The
results of the median income test
b. Applying
the IRS expense guidelines
c. Expenses
listed in Code § 707(b)(2)
d. Reasonably
Necessary Expenses - Schedules I and
J
§ 4.4
Calculating "projected" disposable
income
§ 4.5 The
Applicable Commitment Period
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ABOUT OUR DISTINGUISHED
AUTHORS
& EDITORS
MARC S.
STERN
Marc Stern has been in solo
practice since 1981, formerly employed as an
associate in the Firms of Bruce T. Thurston and
with Ritchie & Thurston. Marc obtained his J.D.
from the University of Idaho College of Law in
1977, and his A.B. cum laude from Washington
University.
He has broad experience
includes representation of trustees in Chapter 7
cases, of State Court Receivers in King County
Superor Court, and as a receiver in those courts.
He is board certified as a Business Bankruptcy
Specialist, Commercial Law League Academy of
Commercial and Bankruptcy Law Specialists, and the
American Board of Certification.
His publications include
articles and essays in General Practice Newsletter
(WSBA), ABA Law Practice Management, King County
Bar Bulletin, and others.
Stern's reported bankruptcy
decisions include: In re Puget Sound Plywood, Inc.
924 F.2d 955 (9th Cir. 1991); In re Shorb, 101
Bankr.185 (9th Cir. BAP 1989); In re Borste, 117
Bankr. 995 (Bkrtcy.WDWA
1990), In re Western Farmers Association, 13 Bankr.
132 (Bkrtcy.WDWA 1981).
JAMES H.
COSSITT
James Cossitt has over 20
years of legal experience in the areas of
bankruptcy, workouts, secured transactions, UCC,
commercial litigation and consumer finance and
business law.
Originally from the Midwest,
Jim attended law school at the University of Iowa.
He served as a Chapter 7 panel trustee in the ND
Iowa from 1988 to 1995 and as a Chapter 11 trustee
in the WD Michigan from 1997 to 2000. He is
admitted to practice law in the state and federal
courts of Montana, Colorado, Michigan and Iowa, is
Board certified in both Business & Consumer and
Bankruptcy Law by the American Board of
Certification and is a member of the American Bar
Association, American Bankruptcy Institute, and
National Association of Bankruptcy
Trustees.
Jim also serves as the
Montana editor of West Group's Bankruptcy Exemption
Manual; is on the Board of Directors for the
American Board of Certification; chaired the Best
Practices Working Group, that drafted
"Working Paper: Best Practices for Debtors'
Attorneys, Task Force on Attorney Discipline
Best Practices Working Group, Ad Hoc Committee on
Bankruptcy Court Structure and Insolvency
Processes, ABA Section of Business Law" 64
Bus. Law, 79 (2008); and was an active task
force member and co-author of Task force on
Attorney Discipline, Ad Hoc Committee on Bankruptcy
Court Structure & Insolvency Process, Attorney
Liability Under Section 707(B)(4) of the Bankruptcy
Abuse Prevention and
Consumer Protection Act of 2005, 61 Bus. Law. 697
(2006).
CATHERINE
E. VANCE
Ms. Vance is Vice President
of Research and Policy and Associate General
Counsel at Development Specialists, Inc., resident
in the firm's Columbus, Ohio, office.
Ms. Vance has written
extensively on matters related to bankruptcy and
other matters affecting the debtor/creditor
relationship and insolvency proceedings. Most
recently, she served as Contributing Editor and
author of ATTORNEY LIABILITY IN BANKRUPTCY, (ABA
2006). She has also written
on such varied issues as
insurance insolvency, pensions, and fiduciary duty
issues for insolvent cooperatives, as well as
articles on the bankruptcy reform process. Prior to
joining DSI, Inc., Ms. Vance served as the
Commercial Law League of America's legal writer and
analyst.
She is a regular contributor
to the Bankruptcy Yearbook and Almanac,
Co-authoring the
publication's annual legislative update, and she
served as Associate Editor for the 94th edition of
the National Association of Credit Management's
Manual of Credit an Commercial Laws. A United
States Army veteran, Ms. Vance received her
Bachelor’s Degree, magna cum
laude, from the Ohio State University and is a
graduate of the Ohio State University College of
Law, where she was awarded the American Bankruptcy
Institute's Medal for Excellence in Bankruptcy
Studies.
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