I tried to search for this, but these forum searches aren't the greatest. Sorry if this has been answered...
I had $42k unsecured debt and a $13k car loan, plus my mortgage. Payments, after promo rates went up & default rates went up, were more than I was bringing home. I tried to sell the car, no luck, and tried to refi the house. I have only been in the house for 4 years and don't have much equity and they said my debt to income ratio was too high to refi. Ha. So much for the magic of the home equity loan companies!
I really wanted to file a 7, but I made more than the mean income (but only by a few thousand) so my only choice was a 13 or keep trying to make ends meet and eventually get in trouble.
I filed 13 mid November 2007. I was happy about the arrangement at first. My trustee payment included my car and unsecureds, but the mortgage was left out of it. The payment was about $400 less a month than I had been paying to my creditors.
So far so good...had my meeting of creditors and all was well. I made the full payments via wage garnishment for December and January.
My job had been awful and things came to a head one day and I had to quit before I either had a heart attack or ended up on the roof with a high powered rifle. I gave two weeks notice without having another job lined up. I was only out of work for 1 1/2 weeks...got lucky there. However, I am bringing home about $850 a month less with my new job.
My confirmation was scheduled for mid Feb but adjourned because of my job change and the need for an ammended schedule. The ammended schedule that my lawyer proposes cuts my trutee payment to about half of what I paid in Dec and Jan. However, being out of work for a short time left me short for the trustee payment for Feb.
When I figured out a real-life take home pay vs. expenses budget, I came up negative for Feb, even without making the trustee payment. When I figure a budget for March, my "disposable income" would be less than half of my proposed trustee payment.
I have e-mailed the budgets I figured out to my lawyer but haven't gotten a response. I suggested that we let the car go or try to convert to a chapter 7. If the car gets repo'd, will the trustee still want the same payment amount and more of the payment to go to unsecureds?
How about the possibility of a 7? Honestly, I am coming up with like $60 a month "disposable income".
When I disclosed assets etc for the 13, I didn't have anything valued over $600 nor had I made any major purchases in the last 90 days on credit. If I go to a 7 are they going to repo my 8 year old 27" tube TV that's not worth $50 in todays market? What about the stereo I've had for 16 years? How about the house at this point? I don't really care about the car, but will they take that too?
Side note...got my lawyer's billing statement the other day. They charged me $15 because they took a phone call from my auto lender! Holy s!
Any input would be appreciated.
I had $42k unsecured debt and a $13k car loan, plus my mortgage. Payments, after promo rates went up & default rates went up, were more than I was bringing home. I tried to sell the car, no luck, and tried to refi the house. I have only been in the house for 4 years and don't have much equity and they said my debt to income ratio was too high to refi. Ha. So much for the magic of the home equity loan companies!
I really wanted to file a 7, but I made more than the mean income (but only by a few thousand) so my only choice was a 13 or keep trying to make ends meet and eventually get in trouble.
I filed 13 mid November 2007. I was happy about the arrangement at first. My trustee payment included my car and unsecureds, but the mortgage was left out of it. The payment was about $400 less a month than I had been paying to my creditors.
So far so good...had my meeting of creditors and all was well. I made the full payments via wage garnishment for December and January.
My job had been awful and things came to a head one day and I had to quit before I either had a heart attack or ended up on the roof with a high powered rifle. I gave two weeks notice without having another job lined up. I was only out of work for 1 1/2 weeks...got lucky there. However, I am bringing home about $850 a month less with my new job.
My confirmation was scheduled for mid Feb but adjourned because of my job change and the need for an ammended schedule. The ammended schedule that my lawyer proposes cuts my trutee payment to about half of what I paid in Dec and Jan. However, being out of work for a short time left me short for the trustee payment for Feb.
When I figured out a real-life take home pay vs. expenses budget, I came up negative for Feb, even without making the trustee payment. When I figure a budget for March, my "disposable income" would be less than half of my proposed trustee payment.
I have e-mailed the budgets I figured out to my lawyer but haven't gotten a response. I suggested that we let the car go or try to convert to a chapter 7. If the car gets repo'd, will the trustee still want the same payment amount and more of the payment to go to unsecureds?
How about the possibility of a 7? Honestly, I am coming up with like $60 a month "disposable income".
When I disclosed assets etc for the 13, I didn't have anything valued over $600 nor had I made any major purchases in the last 90 days on credit. If I go to a 7 are they going to repo my 8 year old 27" tube TV that's not worth $50 in todays market? What about the stereo I've had for 16 years? How about the house at this point? I don't really care about the car, but will they take that too?
Side note...got my lawyer's billing statement the other day. They charged me $15 because they took a phone call from my auto lender! Holy s!
Any input would be appreciated.
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