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New filing Chapter 13 soon and scared

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    New filing Chapter 13 soon and scared

    Hello all,

    I've read several threads and finally decided to post. I am meeting with an attorney in two days to begin my paperwork to file chapter 13. I am so nervous about this and I'm so scared of what the payment is going to be. I work two jobs and my income is pretty decent. I have about $4000 credit card debt, $180 tax debt, $3600 in collections from old cell phone, medical and utility bills, $840 for two charged off bank accounts, $1606 in payday loans which are all illegal in my state, $1930 in installment loans with cash advance stores, $1585 installment loan with credit union, $1121 loan with a finance company which secured with a wage assignment and household goods which half I don't even have anymore, $14,553 auto loan and about $38000 student loans which are deferred because I'm back in school. So If I get this correctly my unsecured debt is around $15,000 and my secured debt would be my car amount and the tax debt. I bring home about $2100 a month maybe more depending on my part time job.
    Filed Chapter 7 8/2006 Discharge 11/2006
    Filing Non Dischargable Chapter 13 August 2009
    *When this is done, I promise to never get in debt again cause this sucks :-(*

    #2
    I would set up a few more free consults with local BK attorneys. Why are you filing a ch 13? Are you trying to save some assets and are you behind on any of the payments? I'm sure you are aware, but Student Loans are not dischargable. Also, with you working 2 jobs, that will be factored into your payment in a ch 13 (not a good thing).

    What State do you live in and are you above the median income?
    May 2008 Hired 1st Attorney/Stopped paying CCs
    May 21, 2009 Retained 2nd Attorney
    May 28th - Filed for Ch 7 (FINALLY!)
    9/11/09 - DISCHARGED!!!!

    Comment


      #3
      Im in Illinois
      I filed Chapter 7 and got a discharge in 2006. I met with the attorney already and after looking over my numbers he said I would be able to do a chapter 13. I'm below the state median but I make enough to do chapter 13 payments. I am way behind on my credit cards and my auto loan and I don't want anything to be reposessed or judgements to be filed. I tried debt consolidation but it didn't work, because I was stuck in the payday loan and high interest rate installment loans that are sucking up my paychecks every pay period. I have creditors calling me all day every day at work and my cell phone. I just want to pay everyone and not have to worry about being harrassed all the time. This will also force me into living on a budget which I so desparatly need to do and stop living above my means. I was already told my student loans will not be included which is okay since they are deferred since I'm still in school. My part time job does not bring in a lot of income, I only get about $115 every two weeks from that.
      Filed Chapter 7 8/2006 Discharge 11/2006
      Filing Non Dischargable Chapter 13 August 2009
      *When this is done, I promise to never get in debt again cause this sucks :-(*

      Comment


        #4
        Oh, okay I see that's why you need to file a ch 13. So, your pt job will count against you because that will be extra disposable income to go towards your ch 13 payment. In a ch 13 plan, you are commiting yourself to turn over all your disposable income to the Trustee. Don't rush into filing BK, you will need to plan it to get the best possible repayment plan.
        To figure out your disposable income, go to www.legalconsumer.com and plug your numbers in.
        May 2008 Hired 1st Attorney/Stopped paying CCs
        May 21, 2009 Retained 2nd Attorney
        May 28th - Filed for Ch 7 (FINALLY!)
        9/11/09 - DISCHARGED!!!!

        Comment

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