Need CH13 advice please....

[rbaronex]

Hi all,

Here's my situation. I need to file a CH13. Here's what I own/owe:

Monthly gross Income: $5400.00 ($3700, after taxes and deductions)
1st Mortgage = $2367 ($367k balance)
2nd Mortgage = $175 ( $54k balance)
Credit cards = $1200 ( $80k balance)
Monthly living expenses
including food, gas, electric,
phone, cell, misc. $1800
Car payments = 0 (we have 3 cars and a motorcycle (Worth $30k max for all)

I have three kids, and my wife doesn't work.

Also, I own a small airplane worth $55k, that has no payments on it, or leins, except I owe my dad $40k on the loan. This was purchased years ago. My dad can wait for the money and doesn't push the issue since we are in difficult times.


Total Monthly: $5542 (Almost $2k underwater.

Also, My mom pays the mortgage on a second home that is on my wife's credit report. The balance of that mortage is $200k, but she makes the monthtly payment of $1368 directly to the bank. We don't collect any income, my mom pays everything.

My question is, given the above scenario, I will need to file a CH-13, not only due to the property I want to hold on to, but I do want to make some payments to my creditors and don't want a CH7 on my credit report for 10 years.

Do I even qualify for a CH-13?
What would be my expected payment?
Will my 2nd mortgage be reduced?
Any effects on my 1st mortgage? Can they reduce the balance or payment?
My mom's mortage that is on my wife's credit report? Reduce balance or payment?

Appreciate any input...

Thanks,

Ron.

[Flamingo]

Major question - in what state do you live?

There is going to be an issue as to the plane which will be viewed as a luxury item. Same with the motorcycle. You will really have to figure out if you can actually afford to keep your house with your mortgage payments so high compared to your income and family size. What is the value of your house compared to your mortgages?

Since you have some assets you want to keep, it would greatly benefit you to get several consultations with a good BK attorney to find out exactly where you stand and what you can and cannot do. To get a goodo referral, call your state Bar association (in your phone book under your State section) and advise them you are considering filing BK and have no references for a BK attorney and would like the names of some good, reputable attorneys in your area. Most BK consultations are free. Get more than one.

Best of luck to you.