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Amount of Disposable Debt Needed for Ch.#13

Date: Sat, 05/02/2009 - 14:03
Submitted by on Sat, 05/02/2009 - 14:03
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I am a second time filer. I had a discharge 5 years ago in Ch 7 as a pro se filer - a no asset case. After getting my life back on track I had a 7 month stint of unemployment. I tried to pay back my debts, but there was no wriggle room and I eventually turned to Payday Loans to help make my payments. That of course has been a disaster, leading now to my 26,000 of unsecured debt. I feel depressed and what I need to know is according to the new BK laws it says that you can file 4 years after a ch 7, if you do a Ch 13 and will then qualify for discharge after your payment plan. I calculate my disposable income to pay creditors at about 120.00 a month total. According to the rules it states that there only has to be enough disposable income for the creditors to be paid as much as they would in a Chapter 7. Again I have no assets, so in Chapter 7 they would have gotten nothing. Is my interpretation correct that if you can pay something even if your disposable income is very small and will clearly not make much of a dent in a 3-5 year payment plan, that you can still you still qualify for a Ch 13 payment plan?


i see this kind of an old post, but the above post is not correct...: A Chapter 7 bankruptcy can be filed every 8 years from a previous chapter 7 filing or 6 years from a prior chapter 13 filing. Chapter 13 can be filed 4 years from a prior Chapter 7 filing or 2 years from a prior Chapter 13 filing. You can file Chapter 13 anytime....You will not get a discharge unless you file at least 4 years after your chapter 7 or 2 years from your last Chapter 13. However if you file before your 4 years are up, you will have to pay back 100% of what you owe.

Call around to a few attorneys and make appointments to see what your best options are. I'm in the middle of doing just this.


Submitted by lmale on Mon, 05/11/2009 - 16:47

lmale

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I signed my Chap. 13 papers yesterday after having filed for Chap. 7 in 2003. My amount of disposable income is $33.00 per week to pay on $15,000 in unsecured debt (payday loans & installment loans). The amount of disposable income is based on your income vs. expenses. My disposable income puts me at around 0-5% payback plan due to my spouse not working.

You should talk with an attorney. I did not think that I would be able to get Bankruptcy Protection since the payback amount would be so small but it must be quite common according to my attorney in this current recession for the payment amounts to be smaller.


Submitted by carpenterr on Tue, 05/12/2009 - 06:14

carpenterr

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