New job less income ?

[doglover]

UGGGHHHHH! Someone please help since I can't get a hold of my attny Ok in our bankruptcy paperwork it says we owe $5,000.00 in missed mortgage payments (last 4 months) BUT I got a letter from the mortgage company and it says we only owe $3200.00 in back payments and that includes late fee's etc.... Those back payments are part of our monthly payment to the trustee. Since there is a difference will our trustte payment go down? Or will it really matter since it's a 5 year plan anyways? And we filed 9/14/07 so why am I still receiving letters from mortgage company about foreclosure!

Also...they are changing my hours from work from 40 to 35 a week and this will change my monthly gross income down approx. $450.00. They told me the new hours will go in effect in 1 month. Will this make our monthly payment go down? Or can they dismiss our case? I do not want to convert to Ch. 7 at all! Will they make us? Right now we are paying back 49% . Our paperwork says we have disposable income of only $255.00 but with the decrease in my pay we will have less then ZERO disposable income, that's why I ask if they will make us convert to Ch. 7 or worse of all throw our case out? UGH does the worrying ever stop.

THANKS SO MUCH FOR ANY HELP. I LOVE THIS SITE!

[aa06a47]

UGGGHHHHH! Someone please help since I can't get a hold of my attny Ok in our bankruptcy paperwork it says we owe $5,000.00 in missed mortgage payments (last 4 months) BUT I got a letter from the mortgage company and it says we only owe $3200.00 in back payments and that includes late fee's etc.... Those back payments are part of our monthly payment to the trustee. Since there is a difference will our trustte payment go down? Or will it really matter since it's a 5 year plan anyways? And we filed 9/14/07 so why am I still receiving letters from mortgage company about foreclosure!

Also...they are changing my hours from work from 40 to 35 a week and this will change my monthly gross income down approx. $450.00. They told me the new hours will go in effect in 1 month. Will this make our monthly payment go down? Or can they dismiss our case? I do not want to convert to Ch. 7 at all! Will they make us? Right now we are paying back 49% . Our paperwork says we have disposable income of only $255.00 but with the decrease in my pay we will have less then ZERO disposable income, that's why I ask if they will make us convert to Ch. 7 or worse of all throw our case out? UGH does the worrying ever stop.

THANKS SO MUCH FOR ANY HELP. I LOVE THIS SITE!

You should definatly go over the income change notification with your attorney prior to the 341 meeting.

When you filled out your paper work the past due to your mortgage company was just an estimate. Probably by the time they file the claim, it will be closer to the estimate than the letter they recently sent you. The claim amount will not change your disposible income, so the best a lower claim amount can do is get you out of the plan sooner....which is good, but will only happen if you are a 100% to unsecured payback plan.

Since your dealing with mortgage arrears, chapter 7 will not work for you, unless you want to give your house back. If your disposible income is low, your plan might only provide enough money to make up the mortgage arrears / trustee fees / lawyer fees with 0% going to unsecured.

[HeatherB]

My lawyer told me that my payback amount will never go down... only up. So he made it as low as possible. I'm not sure if this is just a district thing or whatnot. BUT - I'd definitely make my lawyer aware of this PRIOR to the 341.

[CATCHMEIFYOUCAN]

I beg to differ! Your payment certainly could go down if your making less! I was making double my median (due to two full time jobs.) I had filed for Ch13. After paying on an unconfirmed plan for 3 months. I quit one of my jobs! I was eligible to convert to Ch7!

Best of Luck, Catchmeifyoucan

[HeatherB]

I beg to differ! Your payment certainly could go down if your making less! I was making double my median (due to two full time jobs.) I had filed for Ch13. After paying on an unconfirmed plan for 3 months. I quit one of my jobs! I was eligible to convert to Ch7!

Best of Luck, Catchmeifyoucan

Yes, but you converted... not had your chapter 13 payments reduced.

BTW, I'm not saying that you are not right. I was just stating what my lawyer informed me when I filed (which was under old law - so that could've changed it.)