owe 60k, do I pay all back?

[mimijess]

just a silly question, but I am newbie at this..

I owe 60K IN CC''s, on chapter 13, the repayment plan is an amount that you can pay/afford? or 60k is divided in 5 years?

thanks.

[liz417]

HI and welcome to this board!

Go here: www.legalconsumer.com and plug your numbers in. It will tell you if you qualify for a ch 7 or ch 13. Once you do the means test is what you'll end up paying (most likely), it doesn't matter how much you owe.

[optimistic1]

No, most likely you do not pay the whole 60k back. It gets complex in some cases, and not so in others.

You need to factor in several things.

1.) Disposable income, either based on your actual budget, or the means test results, ( the means test should be run by an attorney. )

2.) Non-exempt asset's, will need to be given up, or factored into your repayment plan.

3.) Past Due taxes.

4.) Mortgage Arrears.

5.) Auto loans that are more than 910 days old, will need to be in your plan, and they will get crammed down to the car's actual market value.

Once you determine what it is that you need to pay back, and how much disposable income you have, you then multiply that monthly amount by 36 to 60 months, depending on how much you can afford, or how much money you make in comparison to the state median income levels.

[mimijess]

THANKS!!!! and If have income above the median family for my state(fl) and I am still left with Monthly disposable income (Line 48 - Line 49) $ -933 , I then qualify for ch. 7?

[HHM]

THANKS!!!! and If have income above the median family for my state(fl) and I am still left with Monthly disposable income (Line 48 - Line 49) $ -933 , I then qualify for ch. 7?

The answer to that is, it depends. It depends on what expenses are pushing you negative, and how your district views what is allowed. In your case, you NEED to hire an attorney to help you navigate the issue of being over median yet still filing chapter 7 (assuming chapter 7 would be in your best interests).