Going for Ch. 13 with 2nd mortgage lien strip

[SMinGA]

It sounds like you are in a situation where you need to file ch. 13 (maybe to save a home and resolve mortgage arrears?) but really do have a limited income stream. To file ch. 13, you have to be able to make monthly payments. Enough to cover your priority debts, trustee fee, atty fee and in some cases a minimum to unsecured*. I'm guessing that the amount you can commit to a plan is not enough to resolve these things in 3 years, and that is why your atty is saying 5.

As for your husband's UE starting in September, can you make the plan payment now if you file sooner? Your payments to the trustee start 30 days after filing.

*Minimum to unsecured could be to cover preferential payments made to family/friends, or because you have non-exempt assets you want to keep.

Thank you so much, I really wanted a 3 year 13 but was told we had a negative dmi and would have to go 5 years and would have to put hubby's unemployment into the calculation even thou he does not qualify till September...I'm glad we asked the lawyer not to file the paperwork tomorrow, I want to be better educated. I don't want what is best for my attorney but what is best for me and my family

[Fallonedward]

It sounds like you are in a situation where you need to file ch. 13 (maybe to save a home and resolve mortgage arrears?) but really do have a limited income stream. To file ch. 13, you have to be able to make monthly payments. Enough to cover your priority debts, trustee fee, atty fee and in some cases a minimum to unsecured*. I'm guessing that the amount you can commit to a plan is not enough to resolve these things in 3 years, and that is why your atty is saying 5.

As for your husband's UE starting in September, can you make the plan payment now if you file sooner? Your payments to the trustee start 30 days after filing.

*Minimum to unsecured could be to cover preferential payments made to family/friends, or because you have non-exempt assets you want to keep.

Actually we are current on everthing and our severence will last us thru August with some very tight budgeting. We wanted to know all of our options since both of us are unemployed and have no idea how long it will take to gain employment.