NO money left????

[ozzy866]

we are on a 5 year plan.
our lawyer said we make to much to do a 7.

[MOMof3]

Is there any way you can buy a vehicle w/cash to get you by? You can "return" the car to the bank. They will file a deficiency claim which will get paid out at the same rate as your unsecured creditors. The problem will be that you will be out of a vehicle.

We purchased a vehicle w/cash ($2000) & turned in our $685/month one (that we were also upside down on) with our filing. We couldn't have made the payments work otherwise.

[ozzy866]

Ok....I talked to our lawyer and asked him about letting the creditor take the car and about the upsidedown part going to unsecured debt .....after some looking we are upsidedown by about 8-10k.
He said yes we could do this.
What we would have to do than is figure out the numbers and get some....not all supporting papers to prove this.
Our court confirmation is around 6/24. My lawyer is going to go ahead and get the original confirmed and than I have an appointment set up....I think it is 6/27.......to get my numbers and some supporting papers set up. He said than we will be able to move the $551 car payment that we won't have into our new budgeted items.
Does this sound like something that might work for us?
Unfortunately we will need to get some type of transportation for my wife.
The trustee said we can keep our stimulus check.....However this year when we filed we owed 98 to Federal and about 800 to State....we filed an extension on both than file chap 13. I wonder if we will get the 1200 stinulus check????? It is to to be mailed and recieved 6/13.
Is leasing a car ($200/MO) in some way for 36/MO an option in my wifes families name and we pay them .....this expense would have to be put in the new budget for the trustee because we are still going to be SUPER tight on funds.
We are willing to do anything it takes to make this work.....
There is not a lot of money/expenses here..
Thank you.....for all your help.....you help us keep our sanity....this is taking a toll on our marriage....
Oz

[CindyLou]

Ok....I talked to our lawyer and asked him about letting the creditor take the car and about the upsidedown part going to unsecured debt .....after some looking we are upsidedown by about 8-10k.
He said yes we could do this.
What we would have to do than is figure out the numbers and get some....not all supporting papers to prove this.
Our court confirmation is around 6/24. My lawyer is going to go ahead and get the original confirmed and than I have an appointment set up....I think it is 6/27.......to get my numbers and some supporting papers set up. He said than we will be able to move the $551 car payment that we won't have into our new budgeted items.
Does this sound like something that might work for us?
Unfortunately we will need to get some type of transportation for my wife.
The trustee said we can keep our stimulus check.....However this year when we filed we owed 98 to Federal and about 800 to State....we filed an extension on both than file chap 13. I wonder if we will get the 1200 stinulus check????? It is to to be mailed and recieved 6/13.
Is leasing a car ($200/MO) in some way for 36/MO an option in my wifes families name and we pay them .....this expense would have to be put in the new budget for the trustee because we are still going to be SUPER tight on funds.
We are willing to do anything it takes to make this work.....
There is not a lot of money/expenses here..
Thank you.....for all your help.....you help us keep our sanity....this is taking a toll on our marriage....
Oz

I called the IRS last week and asked this question. They will subtract any amount that you owe them from the stimulus payment no matter what type of arrangements you already have with them. So subtract any amount owed form what to expect.

Cindy

[Flamingo]

Ok....I talked to our lawyer and asked him about letting the creditor take the car and about the upsidedown part going to unsecured debt .....after some looking we are upsidedown by about 8-10k.
He said yes we could do this.
What we would have to do than is figure out the numbers and get some....not all supporting papers to prove this.
Our court confirmation is around 6/24. My lawyer is going to go ahead and get the original confirmed and than I have an appointment set up....I think it is 6/27.......to get my numbers and some supporting papers set up. He said than we will be able to move the $551 car payment that we won't have into our new budgeted items.
Does this sound like something that might work for us?
Unfortunately we will need to get some type of transportation for my wife.
The trustee said we can keep our stimulus check.....However this year when we filed we owed 98 to Federal and about 800 to State....we filed an extension on both than file chap 13. I wonder if we will get the 1200 stinulus check????? It is to to be mailed and recieved 6/13.
Is leasing a car ($200/MO) in some way for 36/MO an option in my wifes families name and we pay them .....this expense would have to be put in the new budget for the trustee because we are still going to be SUPER tight on funds.
We are willing to do anything it takes to make this work.....
There is not a lot of money/expenses here..
Thank you.....for all your help.....you help us keep our sanity....this is taking a toll on our marriage....
Oz

It should work if you work to make it work. Sit down and put the entire thing on paper in front of you....the amount that is left for you to live on is what you will have to budget on for the next several years to complete your Chapter 13 successflully. Everyone lives differently and, as I stated in previous postings, will need to learn to adjust to this as best as you can if you want to complete your Plan. In the end, it is worth all the problems. Getting through it can be a challenge as you are finding out.

You should ask your attorney to put your State taxes into your Plan since they are that high. I am assuming your state extension is for six months and they are not yet due. The $98 should be a nonissue and paid from your stimulus check when you get that. Since you filed an extension, you will get your stimulus check first and should pay it immediately.

Your leasing suggestion should work but refer to my comment in my first paragraph. It will work if you want it to work and feel you can budget around it.

Believe it or not, you will make things work. Once you are confirmed and get used to doing a few things differently, you will be the one coming up with suggestions for others on here as to how they can get by!

[ozzy866]

Any ideas on a car for my wife????
Maybe rhe idea about leasing??????????

Is leasing a car ($200/MO) in some way for 36/MO an option in my wifes families name and we pay them .....this expense would have to be put in the new budget for the trustee because we are still going to be SUPER tight on funds.