we found out we have $800 to much for a 7 so we have to go to a 13. how does this work? i read up on it and no we pay back instead of wipping out but i think he said our payments would be like 300 a month. that dont sound right. well hopefully we can convert to a 7 when we have the other child.
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Well, your options are (as far as I know).... quit a job for less income, wait another 6 months or so and then try again........ or just do the chapter 13.
You don't neccessarily have to end up paying back 100% on a chapter 13. All of your money will go to the trustee and the trustee decides how the allotment of money is spent. -
what do you mean all my money? are you talking about i have no access to my funds unless the trustee gives it to me?
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No....stop and step back a minute....Originally posted by bxtzd3 View Postwhat do you mean all my money? are you talking about i have no access to my funds unless the trustee gives it to me?
Here's how Ch 13 works - http://www.uscourts.gov/bankruptcyco...chapter13.html
Basically Ch 13 is a court-mandated debt management plan where your creditors have no choice but to comply with the Ch 13 plan.
You will continue to get all the income you have now. You will send your trustee the court-required payment listed in your plan usually once a month. The payment is either taken directly from your wages and sent to the trustee or some trustees allow you to send a personal check or money order (ours does).
Out of the payment you send your trustee, he/she pays whatever debts the plan says the trustee is to pay. This varies from Ch 13 plan to Ch 13 plan. The rest of your payments and bills, your utilities, groceries, etc are paid by you with the money you have left every month minus your trustee payment.
Does that help?Last edited by lrprn; 11-03-2007, 04:59 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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yes it does. you dont no how dumb you feel until you read what you wrote and say , dummy,. thanks. i still have to get all my stuff from my atty. we went over the initial stuff, thats were we were told about the 13. im kinda happy ill pay for most of it. makes you feel good to pay what you owe. its good to have all these laws to help us out of trouble. of course you will have the abusers wrecking it for all the people who have no choice but to file.Comment
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bxtzd3...sounds like you've bought into the GWB administration's (actually large credit card issuers) hype hook, line, and sinker. The abusers were, and still are, a very small % in my opinion (I think there are facts to back this up, but I don't know where.) I knew a guy who did abuse it after he realized he was so far in debt that there was no way back...but even most of his debt was honest until about 6 months before filing. Once I start seeing red ink at Citi, BOA, etc., then I might start feeling a little bad.
Anyway, I'm trying to cheer you up.
LeftyFiled Ch 7 - January 29th, 2008
341 - February 29th, 2008
Discharge - June 20th, 2008
Closed - October, 2008Comment
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Is this the only lawyer you have met with?Originally posted by bxtzd3 View Post
Meet with at least 2 more and see what they have to say. It could be that the other lawyers will agree with the first and then you know that he's giving good advice. Could be that some other lawyers may see some different options for you.
$800 a month is not very far over the median income, it could be you can still qualify for a chapter 7. When is the baby due? Can you wait to file until then?
If you stop paying your cards now you have 6-12 months before they will probably persue legal action.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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well yes its the only one, but i went to him for a deed in lue first. thats when he suggested the chapter 7 wich turned into a 13. with the 2 houses we cant go until april 08 . things would happen to fast at least now im still in some control. we did give a retainer already and signed, before the forum was found, so i with him. we do make a little more than the mean between the both of us. he said do the 13 now and then change to a 7 when the baby comes in april, than she will be out of work for 2 month or three.Comment
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That does sound risky to me. Have you listed absolutely every expense you can think of in your schedules. Have you included realistic expenses.Originally posted by bxtzd3 View Post
Here is a link to a form to help you remember all your expenses including those that only happen a couple of times a year.
Here is a link to an online means test to give you an idea as to weather a chapter 7 or a chapter 13 would be best for your case.
Many people who are barely over the median file successful chapter 7 bnakruptcies becasue their schedules show no disposable income to pay into the plan.
All of the above links can be found in "Links for Members" in the general bankruptcy section. http://www.bkforum.com/showthread.php?t=11356Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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what do you mean "risky"? we went through everything we can think of. this is all becouse of the stupid housing market.Comment
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can you put moving expensise into the mix? were looking at $8-900
between moving our shed and pellet stove and then theres the truck and hooking up the gas. what do ya think?
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