Question regarding DMI/NDI

[keezeed]

Over the past 6 months my household was under the median income for the state.

Over the past 6 months my household income was alot higher than it is today.

My wife lost her job three days ago and we have been considering a CH13 even before that.

On paper we qualify for a CH7 but we dont want to do that.

Looking back we have a lot of disposable income, looking forward we could find the minimum to file CH13 but we have no where close to what looks like DMI for the past 6 months.

I want to do a CH13 to keep a car, will we be able to work it out based on our current income being so much lower?

[optimistic1]

Why dont you want to do a Chapter 7?

To do a Chapter 13, just to save a car, hardly seems worth the trouble and effort, have you considered other options?

Can you do a 13 with a lower income? Look at your income and subtract your expenses, not including any debt payments other than your mortgage and maybe your current car payment.

How much do you still owe on the car? When did you do any financing on it?

[keezeed]

Why dont you want to do a Chapter 7?

To do a Chapter 13, just to save a car, hardly seems worth the trouble and effort, have you considered other options?

Can you do a 13 with a lower income? Look at your income and subtract your expenses, not including any debt payments other than your mortgage and maybe your current car payment.

How much do you still owe on the car? When did you do any financing on it?

We want to pay some back to our creditors and we are able to do so, so we are trying to avoid CH7 for that reason.

We owe about $11,000 on the car and its an 05 with 90k miles

Way more than it's worth.

No mortgage or anything complicated. Just a bunch of credit cards and a car loan.

All is unsecured debt

[optimistic1]

If I was you I would file a Chapter 7, and do a 722 redemption on the car which will help you out even more if you can do it successfully, and be done with the whole thing. You are not a good candidate for a Chapter 13 based on what you have told me. I understand you "want" to pay your creditors back something, but you need to let go of your pride and get on with your life and get a nice new fresh start.

Do you own a house and is there any equity in it?

What other asset's do you have? Anything out of the ordinary like an expensive jewelery collection? Large amount of cash?

[keezeed]

No house and nothing worth money other than the car, ironically, we are not very lavish spenders.

What is a 722?

[optimistic1]

Then if you have no asset's to protect, you should file a Chapter 7, if you are struggling, dont go file a Chapter 13 because you want to do your creditors a favor, especially with your wife losing her job and all, utilize your rights and rid yourself of the debt. And dont file a Chapter 13 to just save a car.

A 722 redemption means that you will buy the car from the current lender at the amount that it is actually worth. It requires you to provide them with a lump sum payment, to which you can find new financing to pay for. The result will be you paying a loan for what the car is worth at maybe a lower interest rate, but you will most likely end up paying much less per month.