Need your experience please!
We have filed Ch 13 on Feb 15th. 341 is April 10th.
My husband makes six figure income. In 2004 & 2005, so did I. We were living like millionares and were not good stewards of our money. Being in real estate, I made $7500 in 2006. Our income was cut in half. Even though it's still a high income, with my lack of money coming in, we didn't have enough to pay credit card debt. Huge house payment, utilities, motercycle, jetski....
My attorney told me to go into this thinking about where I want to be in 5 years. Would I want a mortgage of $2900 a month? NO! So he said find a place to live and let the house go back.
I'm surrendering the house, motercycle, and jetski
Secured Debt in Plan: $17,000 IRS
$27,700 Auto
$11,300 Auto
$1700 Computer
Unsecured Debt: $119,000
The plan turned in was paying back 1% to unsecured creditors. My attorney told me yesterday that she had spoken with the trustee and he was aprehensive about this. She knows he will object and that an increase in payment is going to happen. She also warned me to be strong and prepared for the trustee to come across in a very derogatory way in the meeting b/c our income is so high. I don't know where else to "cut" expenses.
Rent, Life Ins, Health Ins, Car Ins, Utilities, Food, Cable, Phone, Medical, Rx, Daycare, Car Maintenance, Car Gas, Clothing, School Lunch, Property Tax, Dry clean, Recreation, cell phones.
I have had a herniated disc since Jan and just my medical bills without insurance averaged $430. I alloted $150 a month b/c this won't be every month. I am not able to lift the baby therefore he is in daycare. My prescriptions every month is $310...that's no extra medicines. The attorney said I have to prove all of this, and I can but then she said the trustee may not allow for $310 rx anyway????
We have a family of 5 and I don't know where else to cut from the budget. I intend on staying in real estate therefore my cell phone is my work phone. The attorney said if my husband's cell was necessary at all, then his work should cover it (that may be what the trustee will say) We have a very large life insurance policy on each of us that cost $220 per month. I guess we could try to cut it in half? I just don't know where else to cut back that isn't reasonable living expenses.
I readjusted the budget from the origional one we turned in and with the expenses I listed above, we could go up in payment an additional $293 per month which would pay unsecured approx 8%?? I am just trying to prepare for this meeting and my attorney has scared me to death.
I am emberessed to even be in this situation. We made so much money in the last 4 years and to squander it away. Owe everyone. Not be able to pay for the kids college, contribute to retirement, etc. But I am motivated to pay. It is my debt. My attorney told me that the life I have been living for the last years is not the life I will be living. Luxuries are gone. I'm ok with that. I just don't know what's going to happen here and I am going to have to just wait and see.
Do any of you have experience with making high income with low percentage to unsecured creditors b/c there is a high level of secured creditors?
Any suggestions or advice would be great
thanks
We have filed Ch 13 on Feb 15th. 341 is April 10th.
My husband makes six figure income. In 2004 & 2005, so did I. We were living like millionares and were not good stewards of our money. Being in real estate, I made $7500 in 2006. Our income was cut in half. Even though it's still a high income, with my lack of money coming in, we didn't have enough to pay credit card debt. Huge house payment, utilities, motercycle, jetski....
My attorney told me to go into this thinking about where I want to be in 5 years. Would I want a mortgage of $2900 a month? NO! So he said find a place to live and let the house go back.
I'm surrendering the house, motercycle, and jetski
Secured Debt in Plan: $17,000 IRS
$27,700 Auto
$11,300 Auto
$1700 Computer
Unsecured Debt: $119,000
The plan turned in was paying back 1% to unsecured creditors. My attorney told me yesterday that she had spoken with the trustee and he was aprehensive about this. She knows he will object and that an increase in payment is going to happen. She also warned me to be strong and prepared for the trustee to come across in a very derogatory way in the meeting b/c our income is so high. I don't know where else to "cut" expenses.
Rent, Life Ins, Health Ins, Car Ins, Utilities, Food, Cable, Phone, Medical, Rx, Daycare, Car Maintenance, Car Gas, Clothing, School Lunch, Property Tax, Dry clean, Recreation, cell phones.
I have had a herniated disc since Jan and just my medical bills without insurance averaged $430. I alloted $150 a month b/c this won't be every month. I am not able to lift the baby therefore he is in daycare. My prescriptions every month is $310...that's no extra medicines. The attorney said I have to prove all of this, and I can but then she said the trustee may not allow for $310 rx anyway????
We have a family of 5 and I don't know where else to cut from the budget. I intend on staying in real estate therefore my cell phone is my work phone. The attorney said if my husband's cell was necessary at all, then his work should cover it (that may be what the trustee will say) We have a very large life insurance policy on each of us that cost $220 per month. I guess we could try to cut it in half? I just don't know where else to cut back that isn't reasonable living expenses.
I readjusted the budget from the origional one we turned in and with the expenses I listed above, we could go up in payment an additional $293 per month which would pay unsecured approx 8%?? I am just trying to prepare for this meeting and my attorney has scared me to death.
I am emberessed to even be in this situation. We made so much money in the last 4 years and to squander it away. Owe everyone. Not be able to pay for the kids college, contribute to retirement, etc. But I am motivated to pay. It is my debt. My attorney told me that the life I have been living for the last years is not the life I will be living. Luxuries are gone. I'm ok with that. I just don't know what's going to happen here and I am going to have to just wait and see.
Do any of you have experience with making high income with low percentage to unsecured creditors b/c there is a high level of secured creditors?
Any suggestions or advice would be great
thanks
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