Chapter 7 | First Stage Sample | Second Stage Sample |
---|---|---|
Asset Cases | 2,051 | 196 |
No-Asset Cases | 41,679 | 2,024 |
Total | 43,730 | 2,220 |
Note: The first stage and second stage samples were obtained as described in the text. The second stage sample is also referred to in this report as the final selected sample.
Federal Circuit | BNS Count of Petitions (Column 1) | Official Count of Petitions (Column 2) | Total Petitions, Excluding Dismissals (Column 3) | Final Selected Sample (Column 4) | Usable Sample (Column 5) |
---|---|---|---|---|---|
Total | 925,654 | 952,446 | 941,263 | 2,220 | 2,142 |
First | 29,632 | 33,059 | 32,406 | 71 | 63 |
Second | 72,195 | 72,747 | 72,646 | 167 | 167 |
Third | 55,304 | 61,927 | 61,035 | 131 | 128 |
Fourth | 74,821 | 79,145 | 78,091 | 196 | 186 |
Fifth | 57,276 | 58,142 | 57,205 | 149 | 139 |
Sixth | 102,406 | 107,916 | 106,620 | 231 | 201 |
Seventh | 87,672 | 93,947 | 93,148 | 199 | 190 |
Eighth | 57,069 | 57,669 | 57,276 | 152 | 152 |
Ninth | 243,528 | 241,167 | 237,256 | 558 | 556 |
Tenth | 56,016 | 56,362 | 55,990 | 141 | 140 |
Eleventh | 89,735 | 90,365 | 89,590 | 225 | 220 |
Note: The columns are derived as discussed in the text and related footnotes. The information shown for 11 circuits includes only courts in the fifty states and the District of Columbia. For display purposes, the District of Columbia has been combined with the Fourth Circuit. For this table, the First Circuit consists of the states ME, MA, NH, and RI; the Second Circuit CT, NY, and VT; the Third Circuit DE, NJ, and PA; the Fourth Circuit Washington DC, MD, NC, SC, VA, and WV; the Fifth Circuit LA, MS, and TX; the Sixth Circuit KY, MI, OH, and TN; the Seventh Circuit IL, IN, and WI; the Eighth Circuit AR, IA, MN, MO, NE, ND, and SD; the Ninth Circuit AK, AZ, CA, HI, ID, MT, NV, OR, and WA; the Tenth Circuit CO, KS, NM, OK, UT, and WY; the Eleventh Circuit AL, FL, and GA.
1997 National Average | |
---|---|
Chapter 7 Filers Impacted1 | 15% |
Debt Repayable over 5 yrs. by Ch. 7 Filers Impacted:1 | |
Total Debt2 | 60% |
Secured and Priority Debt2 | 56% |
Unsecured Non-priority Debt | 64% |
Note: Repayment rates from the 1997 Visa national bankruptcy database were calculated on the basis of: petitioners' reported income; a combination of petitioners' reported expenses and IRS allowances as proposed under H.R. 3150; and priority and secured debt payments. See assumptions in text, and repayment methodology described in Appendix 3.
1Chapter 7 filers are impacted by H.R. 3150's needs-based bankruptcy provision if they have: income > 75 percent of national median income for families of comparable size; monthly income after allowed IRS expenses and secured & priority debt payments > $50; and can repay at least 20 percent of their unsecured non-priority debt over 60 months after making secured and priority debt payments. The 1996 national median income data by family size were obtained from the U.S. Bureau of the Census (1997).
2Repayment of secured debt is shown over 60 months. For housing debt, repayment is taken as stated by the petitioner unless the outstanding balance would have been paid off in less than 60 months. All other non-housing secured and priority debt is amortized over 60 months. In practice, petitioners may continue to repay outstanding secured debts beyond the 60 month repayment plan, which would increase the share of secured and total debt repaid.
Share of unsecured non-priority debt repayable | Share of Filers: | Percentage of Debt Repayable in 60 Months by Actual Chapter 7 Filers Impacted:1 | |||
---|---|---|---|---|---|
All Chapter 7 Filers | Chapter 7 Filers Impacted1 | Total Debt2 | Secured2 & Priority Debt | Unsecured Non-priority Debt | |
Debtors Not Impacted:rs | |||||
Less than 10% | 81.1% | 0.0% | 0% | 0% | 0% |
10-19.9% | 2.1% | 0.0% | 0% | 0% | 0% |
Debtors Impacted:rs | |||||
20-29.9% | 1.8% | 1.6% | 7% | 8% | 5% |
30-39.9% | 1.2% | 1.0% | 2% | 2% | 3% |
40-49.9% | 2.1% | 1.9% | 7% | 7% | 7% |
50-59.9% | 1.5% | 1.2% | 6% | 6% | 5% |
60-69.9% | 1.1% | 1.0% | 3% | 3% | 4% |
70-79.9% | 0.8% | 0.8% | 3% | 2% | 4% |
80-89.9% | 1.2% | 1.1% | 4% | 4% | 5% |
90-99.9% | 0.7% | 0.7% | 3% | 3% | 4% |
100% or more | 6.4% | 5.7% | 24% | 21% | 28% |
Total | 100.0% | 15.0% | 60% | 56% | 64% |
Note: Repayment rates were calculated on the basis of: petitioners' reported income; a combination of petitioners' reported expenses and IRS allowances as proposed under H.R. 3150; and priority and secured debt payments. See assumptions in text, and repayment methodology described in Appendix 3
1Chapter 7 filers would be impacted by H.R. 3150's needs-based bankruptcy provision if they have income > 75 percent of national median income for families of comparable size, net monthly income > $50, and can repay at least 20 percent of their unsecured non-priority debt over 60 months after making secured and priority debt payments and deducting living expenses. 1996 national median income data by family size obtained from the U.S. Bureau of the Census (1997).
2Repayment of secured debt is shown over 60 months. For housing debt, repayment is taken, as stated, by the petitioner unless the outstanding balance would have been paid off in less than 60 months. All other non-housing secured and priority debt is amortized over 60 months. In practice, petitioners may continue to repay outstanding secured debts beyond the 60 month repayment plan, which would increase the share of secured and total debt repaid.
Section | Element | Explanation |
---|---|---|
101 | Needs-based bankruptcy | Shifts Chapter 7 filers with significant ability to repay into Chapter 13. Also decreases total filings as those looking to completely discharge debt may choose not to file. |
103 | Broaden rights so that creditors may move to dismiss a Chapter 7 case for inappropriate use | Currently only court and U.S. Trustee can request dismissal. |
111 | Financial education before filing | Requires that filers be given alternatives to bankruptcy and the opportunity to take part in educational programs on budgeting. |
112 | Financial education during bankruptcy | Requires Executive Office of U.S. Trustees to develop a financial management training curriculum for debtors. In testing the curriculum, certain bankruptcy courts may require debtors to receive training before receiving a debt discharge. |
115 | Debtor's Bill of Rights | Debt Relief Counseling Agencies are prohibited from advising consumers to incur more debt in contemplation of bankruptcy. |
121 | Discourage bad faith repeat filings | Automatic stay terminates 30 days after filing if the same debtor filed a bankruptcy case which was dismissed in the previous year. |
127 | Stop abusive conversions from Chapter 13 | When a debtor converts from Chapter 13 to Chapter 7, the cram down is not retained (except for redemption under Code section 722). |
128 | Restraining abusive purchases on secured credit | Value of personal property collateral acquired within 180 days of filing is at least equal to the outstanding balance of the purchase price. |
141 | Nondischargeable debts | Debts incurred to pay nondischargeable debts are nondischargeable. |
142 | Nondischargeable debts | Consumer debts incurred within 90 days of filing are presumed nondischargeable. |
143 | Nondischargeable debts | Fraudulent debts are nondischargeable in Chapter 13 cases. |
145 | Nondischargeable debts | Debts incurred where the debtor had no reasonable expectation or ability to repay are nondischargeable. |
171 | Increase period between bankruptcy discharges | Time between discharges would increase to 10 years for Chapter 7 cases and 5 years for Chapter 13 cases. |
404 | Random audits | Attorney General has responsibility for establishing random audits to ensure the accuracy and completeness of filing information. |
407 | Additional information | Debtor must provide information about income and expenses such as tax returns for 3 years and current pay stubs. |
408 | Timely information required | Cases where the debtor does not file required information within 45 days of petition filing are automatically dismissed. |
410 | Chapter 13 repayment term | Allows confirmation of Chapter 13 plans of at least 5 years if debtor has income over 75 percent of national median. |
443 | Improved bankruptcy data | By creating a national database of bankruptcy filers, abusive repeat filers can be more easily detected. |
Number | |
1993 | 240 |
1994 | 284 |
1995 | 324 |
1996 | 384 |
1997 | 440 |
Family Size: |
1 | 20,921 |
2 | 27,962 |
3 | 33,610 |
4 | 38,554 |
5 | 35,881 |
6 | 31,829 |
7+ | 30,253 |
Source | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 |
---|---|---|---|---|---|---|
Wife | 1OOO | 1OOO | 1OOO | 1OOO | 1OOO | 1OOO |
Husband | 4500 | 4500 | 997 | 997 | 2500 | 2500 |
Relatives | 1000 | 1000 | ||||
Total | 5500 | 5500 | 2997 | 2997 | 3500 | 3500 |
Family size: 3 | ||
Debt: | Priority (tax) | 3,000 divided by 60 months = 50 per month amortized payment** |
Secured (car) | 9,000 divided by 60 months = 150 per month amortized payment* based upon 300 per month car payments - 30 remaining months | |
Unsecured | 5,000 |
Per H.R. 3150 | Actual Income & Expenses | |
---|---|---|
Budget | ||
Monthly: | ||
gross | 3000 | 3000 |
net | 2550 | 2550 |
transp | 373 | 373 |
housing+ | 1250 | 1250 |
food+ | 835 | 835 |
car* | 150 | |
taxes** | 50 | |
Tot Exp | 2658 | |
Amt Available to unsecured | 0 |
Family size: 4 | ||
Debt: | Priority (tax) | 6,000 divided by 60 months = 100 per month amortized payment** |
Secured | 18,000 divided by 60 months = 300 per month amortized payment* based upon car loan (12,000400 per month car pmts - 30 months) & house arrears (6,000) | |
Unsecured | 30,000 |
Per H.R. 3150 | Actual Income & Expenses | |
---|---|---|
Budget | ||
Monthly: | ||
gross | 5700 | 5700 |
net | 4500 | 4500 |
transp | 373 | 373 |
housing+ | 1918 | 18001 1002 2503 604 |
food+ | 1133 | 1133 |
car and* house arrears | 300 | 300 |
taxes** | 100 | 100 |
Tot Exp | 3824 | 4116 |
Amt Available to unsecured | 676 | 384 |
1Mortgage.
2Property taxes.
3Utilities.
4Property insurance.
Family size: 4 | ||
Debt: | Priority (tax) | 18,000 divided by 60 months = 300 per month amortized payment** |
Secured | 24,000 divided by 60 months = 400 per month amortized payment* based upon two car loans) | |
Unsecured | 125,000 |
Per H.R. 3150 | |
---|---|
Budget | |
Monthly: | |
gross | 7000 |
net | 4800 |
transp | 373 |
housing+ | 1918 |
food+ | 1424 |
cars* | 400 |
taxes** | 300 |
Tot Exp | 4415 |
Amt Availably to unsecured | 385 |
385 ÿ0A 60 months = 23,100 |
Mean Score | Proportion of Students | |
---|---|---|
All Students | 57.3% | 100.0% |
Proportion of Households in State Filing Personal | ||
Bankruptcy: | ||
Under .5% | 70.3% | 1.8% |
.5 to .99% | 59.2% | 40.3% |
1 to 1.49% | 56.2% | 35.6% |
1.5% or More | 54.7% | 22.3% |
Additional Duties | Additional Employees | Annual Additional Cost |
---|---|---|
None, because this additional Chapter 13 trustee duty is most likely a drafting oversight, and will not be imposed on the Chapter 13 trustee if this bill is enacted. |
Additional Duties | Additional Employees | Annual Additional Cost |
---|---|---|
1. Determination of current monthly total income | ||
Pay stub analysis | ||
Includes calculation of average gross and net income per month, (per debtor in a joint case) review of payroll deductions, comparison to Schedule I, written summary regarding analysis.
.75 hr/case 350 cases = 262.50 173.33 hrs/per mo. for 1 full time employee = 1.51 employees (analyst) | ||
Tax return review | ||
Includes review of three years' returns, verification of yearly gross income and comparison to pay stubs and Schedule I, review of charitable contributions, tax withholding, income sources, written summary of findings. Also includes time to obtain copies of returns from the U. S. Trustee since Chapter 13 trustee is not served with copies. | ||
2. Determination of IRS Expense allowance | ||
Includes calculation of appropriate expenses pursuant to IRS expense allowance standards, comparison of allowance under standards to actual expenditure and adjustment, if necessary, review of all documents to support expense in excess of standard, written summary of findings. Time estimate excludes training staff in use of IRS standards and time required to remain apprised of updates. | ||
3. Secured debt determination | ||
Includes time to obtain and review all documents evidencing amount owed on secured debt as follows: clerical time to obtain documents from debtor or creditor, paralegal time to review documents and perform secured debt analysis. | ||
.3 hr. 446.26 secured claims/mo. = 133.88 173.33 hrs/mo. for 1 full time employee = .77 employees (paralegal) | .77 | $38,580.53 |
4. Priority debt determination | ||
Includes full legal analysis of all tax and non-tax priority debt, including clerical time to obtain tax transcripts and paralegal time to analyze transcripts and calculate priority tax debt. | ||
.75 hr. 361.01 priority claims/mo. = 270.76 173.33 hrs/mo. for 1 full time employee = 1.56 employees (paralegal) | 1.56 | $78,163.14 |
Employee Totals: | 9.30 | $366,489.32 |
Other Costs: | ||
Outside copy charges for 3 years' tax returns from United States Trustee | $50,400.00 | |
Average of 8 pages per return = 24 pages 350 cases/mo. = 8400 | ||
IRS ManualAnnual Subscription | $1,156.00 | |
Total Other Annual Costs: | $51,556.00 |
2Employee costs include salary, payroll taxes and benefits only.
3The number of secured claims per month is calculated as follows: 350 cases/mo. = average of new cases ÿ0A 20.8 (average number of scheduled creditors/case) = 7280 total claims/mo. ÿ0A 6.13% (average number of secured claims/case) = 446.26 secured claims/mo.
4The number of priority claims per month is calculated as follows: 350 cases/mo. = average of new cases ÿ0A 20.8 claims per case = 7280 total claims/mo. ÿ0A 4.96% (average number of priority claims/case) = 361.01 priority claims/mo.
Additional Duties | Additional Employees | Annual Additional cost |
---|---|---|
Review and re-analysis6 | ||
Includes review of statement of extraordinary circumstances and re analysis of monthly net income. This time estimate does not include time required to obtain additional justification if the Chapter 13 trustee determines that additional documentation is necessary.
.5 hr/case 400 cases/mo.7 = 200 hrs/mo. 173.33 hrs/mo. for 1 full time employee = 1.15 employees (analyst) | 1.15 | $42,490.87 |
Pay stub analysis | ||
Includes calculation of average gross and net income per month, (per debtor in a joint case) review of payroll deductions, comparison to Schedule I, written summary regarding analysis.
.75 hr/case 400 cases/mo. = 300 hrs/mo. + 173.33 hrs/mo. for 1 full time employee = 1.73 employees (analyst) | 1.73 | $63 921.04 |
Plan modification | ||
Preparation of modification order and submission to court, adjust monthly net income figure in system so proper disbursement made.
.25 hr/case 400 cases/mo. = 100 hrs/mo. + 173.33 hrs/mo. for 1 full time employee = .58 employees (analyst) | .58 | $21,430.18 |
Noticing creditors | ||
Includes drafting notice to creditors that summarizes change in circumstance and advises of the date that the statement of extraordinary circumstances was served on the trustee. In addition, the notice should provide the date by which objections to the statement must be filed and the amount of the debtor's new monthly net income figure. | ||
Employee Totals: | 4.22 | $155,923.01 |
Other Costs: Noticing Creditors | ||
Postage
400 cases 20.8 creditors/case = 8320 notices .32 ea. = $2662.40/mo. | $31,948.80 | |
Paper
8320 notices 500 pages per ream = 16.64 reams 16.64 reams $2.20/ream = $36.61/mo. | $439.32 | |
Envelopes
8230 @ $28.15/M = $231.67/mo. | $2,780.04 | |
Total Other Annual Costs: | $35,168.16 |
6It is not possible to estimate how many objections to the statement of extraordinary circumstances may be filed. Therefore, no cost or time estimates for that additional work are given.
7On average, in the San Jose trusteeship in approximately 400 cases per month the debtors cannot make plan payments due to a variety of unexpected circumstances e.g., job loss, car repair, uninsured medical expense. For this report, it is assumed that a similar number of cases per month would require a statement of extraordinary circumstances. Please note this number does not include cases where income has increased or expenses decreased.
Additional Duties | Additional Employees | Annual Additional Cost |
---|---|---|
Review of statements (not performed annually, only at time of filing) | ||
Includes analysis of projected monthly net income, IRS excess expenses, anticipated income or expenditure increase. Part of the review of these statements duplicates, to some degree, the analysis performed under Duty #2, therefore no additional analysis time has been allocated for review of the projected monthly net income statement or the statement of extraordinary Circumstances. Analysis time has been allocated for the statement disclosing anticipated income and expense increases. | ||
Tax return (annual) | ||
Includes review of annual post petition tax returns including time to obtain a copy of return from the United States Trustee. | ||
Review of income and expenditure statement (annual) | ||
Includes analysis of statement and comparison to other income and expense information received by the Chapter 13 trustee. Includes time to obtain copy from court. Includes pay stub review. Excludes time to enforce compliance if statement not filed. | ||
Employee Totals: | 6.92 | $255,684.18 |
Other Costs: (Estimate excludes costs of obtaining statements filed at time of filing on assumption clerk's of rice will provide with petit on packet.) | ||
Outside copy charges for the annual tax return from United States Trustee: | ||
Outside copy charges for income and expenditure statement from clerk's office:
Average of 2 pages per statement 637 cases/mo. = 1274 copies .50 per copy = $637/mo. | ||
Total Other Annual Costs: | $38,220.00 |
9This number represents the average number of cases per month that would require an annual review (for tax returns and income and expenditure statements) based on the attrition rate applicable in the San hose trusteeship for the past 5 years. This number assumes the entire caseload is subject to H.R. 3150.
Additional Duties | Additional Employees | Annual Additional Cost |
---|---|---|
Draft report including making recommendation regarding plan modification and nothing Auditors. Time estimate does not include time to obtain plan modification.
.25 hr/case 63710 cases/mo. = 159.25 hrs/mo. 173.33 hrs/mo. for 1 full time employee = .92 additional employees (analyst) | .92 | $33,992.69 |
Employee Totals: | .92 | $33,992.69 |
Other Costs: Noticing Creditors | ||
Postage
637 cases/mo. 20.8 creditors/case = 13,249.6 notices .324 ea. = $4,239.87/mo | $50,878.44 | |
Paper
13,249.6 notices 500 pages per ream = 26.50 reams 26.50 reams $2.20/ream = $58.30/mo. | $699.60 | |
Envelopes
13,249.60 @ $28.15/M = $372.99/mo. | $4,475.88 | |
Total Other Annual Costs: | $56,053.92 |
10See footnote 9 for explanation of this figure.
Additional Duties | Additional Employees | Annual Additional Cost |
---|---|---|
Identify cases with secured debt | ||
Includes sending letter to debtor and debtor's counsel in cases | ||
Employee Totals: | .27 | $7,715.68 |
Other costs: | ||
Postage (2 letters per case)
231 cases/mo. .64 = $147.84/mo = $1,774.08 /yr. | $1,774.08 | |
Paper (2 letters plus 1 file copy)
231 cases/mo. 4 pages = 924 pages 500 pages per ream = 1.85 reams $2.20 = $4.07/mo. = $48.84/yr. | $48.84/yr. | |
Envelopes (2 letters per case)
231 envelopes 2 = 462 28.15M = $13.01/mo. = $156.12yr. | $156.12 | |
Total Other Annual Costs: | $1,979.04 | |
Obtain adequate protection information at confirmation | ||
nI cludes contacting debtor, debtors counsel, and creditor by letter for each secured claim to request accounting of remaining balance owed.
.1 hr/ secured claim 446.26 14 secured claims/mo. = 44.63 hrs/mo. 173.33 hrs/mo. for 1 full time employee = .26 employees (clerical) | .26 | $7,429.91 |
Employee Totals: | .26 | $7,429.91 |
Other costs: | ||
Postage (3 letters for each secured claim)
446.26 .964 = $428.41/mo = $5,140.92yr. | $5,140.92 | |
Paper (3 1-page letters plus 1 file coy)
446.26 6 pages = 2677.56 pages . 500 pages per ream = 5.36 reams $2.20 = $11.79/mo. = $141.48/yr. | $141.48 | |
Envelopes (3 letters for each secured claim)
3 envelopes 446.26 = 1338.78 envelopes 28.15M = $37.69/mo. = $452.28/yr. | $452.28 | |
Total Other Annual Costs: | $5,734.68 | |
eR solve accounting discrepancies 15 | N/A | N/A |
Grand Total Employee Totals: | .53 | $15,145.59 |
Grand Total Other Annual Costs: | $7,713.72 |
1 3 This figure was calculated as follows: 66% of all cases (open and cased) in the San lose trusteeship filed between 1/1/91 and 12/31/97 included secured claims. (350 cases/mo. ÿ0A .66 = 231 cases/mo. with secured claims.)
1 4 See footnote 3 for an explanation of this figure.
1 5 No time/cost estimate is given due to difficulty in estimating the number of cases in which the debtor and creditor will not agree on the amount remaining owed on the secured debt. Resolution of this type of discrepancy will likely involve a request by the Chapter 13 trustee for judicial determination of the correct amount owed.
Duty | Additional Employees | Additional Additional Employee Cost | Annual Additional Other Costs (Postage, Paper, Outside Copying) |
---|---|---|---|
Duty #1 | None | None | None |
Duty #2 | 9.30 | 3$ 66,489.32 16 | $51,556.00 |
Duty #3 | 4.22 | 1$ 55,923.01 17 | $35,168.16 |
Duty #4 | 6.92 | 2$ 55,684.18 18 | $38,220.00 |
Duty #5 | .92 | 3$ 3,992.69 19 | $56,053.92 |
Adequate Protection Duty | .53 | 1$ 5,145.59 20 | $7,713.72 |
Totals | 21.89 | $827,234.79 | $188,711.80 |
1 6 The work under Duty #2 will be performed by the following categories of employee: clerical, analyst, and paralegal.
The salary for the clerical position was calculated as follows: $11.00/hr ÿ0A 2080 hrs = $22,880/yr gross wages. Taxes and benefits = $5,696.58. $22,880 + $5,696.58 = $28,576.58 total employee expense.
The salary for the analyst position was calculated as follows: $14.50/hr ÿ0A 2080 hrs = $30, 160/yr gross wages. Taxes and benefits = $6,788.58. $30,160 + $6,788.58 = $36,948.58 total employee expense.
The salary for the paralegal position was calculated as follows: $20.00/hr ÿ0A 2080 hrs = $41,600/yr gross wages. Taxes and benefits = $8,504.58. $41,600 + $8,504.58 = $50,104.58 total employee expense.
1 7 The work under Duty #3 will be performed by an analyst.
1 8 The work under Duty #4 will be performed by an analyst.
1 9 The work under Duty #5 will be performed by an analyst.
20 The work under the Adequate Protection Duty will be performed by a clerk.
Annual Additional Overhead | |
---|---|
Office Rent | 2$ 44,292.40 21 |
Additional In-House Photocopy Costs | 41 ,315.52 22 |
Filing Room Costs | 61 ,149.70 23 |
Maintenance on Additional Equipment | 1,971.00 |
Totals | $276,728.62 |
2 1 21.89 new employees ÿ0A 300 sq. ft/employee = 6567 sq. ft. ÿ0A $3.10/sq. in. = $20,357.70/mo. = $244,292.40/yr.
2 2 Notices listed in preceding tables plus additional miscellaneous in-house copying = 32,000 copies/mo. ÿ0A .03728 = $1192.96 = $14,315.52/yr.
2 3 Due to the increased paperwork required in every case substantial additional annual filing space will be required as follows: 14 Additional filing units/yr. ÿ0A $400 = $5,600; Rent: 12 sq.
Personal Computers and Modular Work Spaces for New Employees | 1$ 09,450.00 25 |
Tenant Improvements for Additional Office Space | 94 ,252.50 26 |
Additional Equipment | 51 ,000.00 27 |
Totals | $173,702.50 |
2 4 This amount would be expensed in the first year after increasing staff and would lower trustee percentage fee by .56% after the first year if all other expenses remained the same after the first year.
2 5 PC & printer $2800 + modular workspace $2200 = $5,000 ÿ0A 21.89 employees = one time cost of $109,450.00. No maintenance costs have been factored into this figure.
2 6 Tenant improvements average $7.50 per sq. ft. ÿ0A 300 sq. ft. per new employee ÿ0A 21.89 employees = $49,252.50
2 7 Three laser printers ÿ0A $5000 = $15,000.
Additional Employees | Annual Additional Employee Cost | Annual Additional Other Costs | Annual Additional Overhead | Non-Annual Overhead |
---|---|---|---|---|
21.89 | $827,234.79 | $188,711.80 | $276,728.62 | $173,702.50 |
$1,466,377.71 |
Current | Under H.R. 3150 | ||
---|---|---|---|
Total trusteeship income based on 5.2% fee | $1,777,500.00 | Total trusteeship income based on 10.12% fee | $3,271,700.00 |
Total operating expenses | $1,673,087.000 | Total operating expenses | |
Total operating reserve (not to exceed 17% of total operating costs) | $104,413.000 | oT tal operating 28 reserve (not to exceed 17% of total operating costs) | $132,235.29 |
2 8 Total operating expenses under H.R. 3150 would be $1,673,087 (current) plus $1,466,377.71 (additional) = $3,139,464.71
Current | Under H.R. 3150 | |
---|---|---|
Total Dollars Disbursed Annually to Creditors at 5.20% Trustee Percentage Fee Based on $31,000,000 Receipts | $29,388,000 | |
Total Dollars Disbursed Annually to Creditors at 10.12% Trustee Percentage Fee Based on $31,000,000 Receipts | $27,862,800 | |
Annual Amount Lost to Creditors Due to Increase in Trusteeship's Expenses | $1,525,200 |
54-594 | |
SUBCOMMITTEE ON | |
COMMERCIAL AND ADMINISTRATIVE LAW | |
H.R. 3150, H.R. 2500, and H.R. 3146 | |
Serial No. 70 | |
S |
HENRY J. HYDE, Illinois, Chairman |
F. JAMES SENSENBRENNER, Jr., Wisconsin
BILL McCOLLUM, Florida GEORGE W. GEKAS, Pennsylvania HOWARD COBLE, North Carolina LAMAR S. SMITH, Texas ELTON GALLEGLY, California CHARLES T. CANADY, Florida BOB INGLIS, South Carolina BOB GOODLATTE, Virginia STEPHEN E. BUYER, Indiana ED BRYANT, Tennessee STEVE CHABOT, Ohio BOB BARR, Georgia WILLIAM L. JENKINS, Tennessee ASA HUTCHINSON, Arkansas EDWARD A. PEASE, Indiana CHRISTOPHER B. CANNON, Utah JAMES E. ROGAN, California LINDSEY O. GRAHAM, South Carolina MARY BONO, California |
JOHN CONYERS, Jr., Michigan
BARNEY FRANK, Massachusetts CHARLES E. SCHUMER, New York HOWARD L. BERMAN, California RICK BOUCHER, Virginia JERROLD NADLER, New York ROBERT C. SCOTT, Virginia MELVIN L. WATT, North Carolina ZOE LOFGREN, California SHEILA JACKSON LEE, Texas MAXINE WATERS, California MARTIN T. MEEHAN, Massachusetts WILLIAM D. DELAHUNT, Massachusetts ROBERT WEXLER, Florida STEVEN ROTHMAN, New Jersey |
Thomas E. Mooney, Chief of Staff-General Counsel |
Julian Epstein, Minority Staff Director |