WOULD BE HELPFUL IF YOU KIND FOLK'S CAN GIVE ADVICE
My question is concern's on a chapter 13 I spoke with 1 attorney and have a second consult next week. If I have decided to do a 13 instead of a 7 because I own a car worth $8000 and motorcycle worth $10,000 and do not want to chance giving them up and would like to go threw the proper channels to complete a pay back plan. I make around $43,000 live in Florida have 2 dependent's plus myself. My c.c. debt is $40,000 I am current on mortage. When I do a budget plan and figure out my expences I have around $150 left and this is being conservative. My question to you kind folk's is would the trustee even set a pay plan with this small of a amount to payback on a plan? Or are all plan's considered no matter what the amount is that is left as long as some thing is available towards the plan. I do not have any funds to purchase my items other wise I would do a 7 and buy them back. I was current on everything minding my own business and going threw life and then wam my job of 13 years went chapter 11 closed and I was on unemplyment. I pleaded with c.c. to work with me they treated you like dirt... I was current and never late for 10 plus year's and the one time you ask for a lower rate or lower payment they kick you to the curb. Any advice will help thanks again and to all keep up the good work....Your new forum friend
The vechicle and motor cycle are paid....Not sure if I mentioned
The vechicle and motor cycle are paid....Not sure if I mentioned this.
in BK13
If you deal with CC -s and tell them that if you guys don't work with me on that one, I will file bK7... (not bk13) they will listen to you, because the want their money...
A little calculation:
if you own to CC-s credit card 40,000 and they will cut in a half, so, it boils down to $20,000, maybe $15,000 and that see what you can do about it. try to get a loan, or sell the bike for now... or what ever is needed.
It's not even worth to go to BK13 or bk7 for that matter. Maybe bk13 will let you keep your car and your bike, but you need to pay CC in three years. if you talk to CC-manager and tell them that you're planing to file BK7 they will cut your bills up to 60%. They know better to get a little money than nothing.
Hope I was help
Your income in Florida for a family of three probably would not
Your income in Florida for a family of three probably would not allow a chapter 13. Did you figure your disposable income through a means test, or just on your actual expenses? When the court does the figures, they will use standardized numbers. In fact the means test calculator for chapter 7 is around $60,000 for your situation.
From my understanding, the $150 a month would probably be too low for a chapter 13 repayment plan. They would probably force you into a chapter 7. Be cautious of the attorneys. Some of them may want you to do a chapter 13 because the fee is greater. If it gets converter to a chapter 7, they still collect for the chapter 13.
Submitted by southernapostolic on Tue, 07/28/2009 - 20:16
