Meeting with an attorney tomorrow. I assume I am going to be forced in to a chapter 13. I may be wrong. But my income is over the median by a fair amount and I have disposable income. Currently separated from my wife we have two kids, I have the kids more than 50% of the time. I am in the house - she moved out and rented one.
I owe the IRS and state tax department so I know I will be making those secured payments back for sure in plan that works out to $170 a month over 5 years to pay it off.
I owe about $69,000 in medical bills and credit cards
Zillow estimates my house to be worth 145,000 I owe 99,000 on a first mortgage and 12,000 on a second (the second is in my spouses name only). I am current on both of those payments. Kentucky allows you to take state or federal exemptions. I will be taking federal exemption since the state is only 5k. The federal is 23,675.
So....that leaves me with about 10,325 in unexempt equity on the house so I am looking at a minimum payback in to a 13 of $172 for the house equity (over five years). It's my understanding that unsecured creditors must get back at least the amount they would get from assets in a 7.
I have no other large assets. A used car worth about 3k. A 7 year old riding mower, old furniture, and a few tvs.
Here are my estimated expenses for a family of 3 in Kentucky. The expenses total to $2834. Does it look like anything is off or out of line?
I am looking at $2.834 in expenses plus $170 for back taxes, plus $570 for the first mortgage and $180 for the second. That brings my total monthly expenses so far to: $3754. This leaves disposable income of $310. That more than covers the amount due to unsecured creditors from the equity plus some. Does this look workable to you all? I apologize for the wall of text but wanted to get it all out there.
I owe the IRS and state tax department so I know I will be making those secured payments back for sure in plan that works out to $170 a month over 5 years to pay it off.
I owe about $69,000 in medical bills and credit cards
Zillow estimates my house to be worth 145,000 I owe 99,000 on a first mortgage and 12,000 on a second (the second is in my spouses name only). I am current on both of those payments. Kentucky allows you to take state or federal exemptions. I will be taking federal exemption since the state is only 5k. The federal is 23,675.
So....that leaves me with about 10,325 in unexempt equity on the house so I am looking at a minimum payback in to a 13 of $172 for the house equity (over five years). It's my understanding that unsecured creditors must get back at least the amount they would get from assets in a 7.
I have no other large assets. A used car worth about 3k. A 7 year old riding mower, old furniture, and a few tvs.
Here are my estimated expenses for a family of 3 in Kentucky. The expenses total to $2834. Does it look like anything is off or out of line?
| Food | 650 |
| House Keeping Supplies | 60 |
| Appareal & Services | 190 |
| Personal Care | 60 |
| Internet | 88.2 |
| Electric | 101.25 |
| Gas | 119 |
| Water/Sewer/Trash | 110 |
| Cell Phone | 204 |
| Insurance (auto and house) | 221.68 |
| Medical/Dental/Eyes | 150 |
| Gas | 175 |
| Parking | 35 |
| Maintenance/Registration | 100 |
| Gifts | 100 |
| Entertainment | 100 |
| Pets | 40 |
| Bank Fees | 5 |
| PO Box Fees | 10 |
| Home maintenance | 100 |
| Property Taxes | 166 |
| School supplies | 50 |
I am looking at $2.834 in expenses plus $170 for back taxes, plus $570 for the first mortgage and $180 for the second. That brings my total monthly expenses so far to: $3754. This leaves disposable income of $310. That more than covers the amount due to unsecured creditors from the equity plus some. Does this look workable to you all? I apologize for the wall of text but wanted to get it all out there.
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