Please Help!

[Alone]

We are selling the boat but would have like to keep the 4 wheelers(worth about 5000.00 for both). I thought the purpose of chapter 13 is so they don't liqudate assets. I am so confused and streesed. This has taken over my whole life and marriage. I can not see a lightat the end of the tunnel. Hell I can't even see the tunnel. Thanks for the post. It does help to talk to someone going though it.

[lrprn]

Alone, first of all, I merged the two threads you had going here in the Ch 13 forum area asking the same questions. It's against our forum rules to post two threads asking for the same information.

We are selling the boat but would have like to keep the 4 wheelers(worth about 5000.00 for both). I thought the purpose of chapter 13 is so they don't liqudate assets.

You can keep any and all assets that are protected by your state exemptions, no questions asked. The issue here is that a boat and two ATVs that cannot be fully protected with your Louisiana exemptions will be seen by your trustee as luxury items, not necessities. That makes it more likely that the court will demand you pay for their value beyond what your exemptions protect if you want to keep any of them.

Think of it this way. When you file Ch 13, hearing from the creditors and collectors non-stop quits within a week or two. All of your family's debts are frozen on filing day. No more 30% APRs on your credit cards. No more late fees and penalties. No more outrageous and humiliating collection calls. Your phone is finally quiet.

Ch 13 is the golden ticket out from under a mountain of debt that no matter how hard the two of you work, will take far more than five years to pay off no matter how many jobs the two of you take - if it can ever be paid off. And in return, you may have give up two ATVs worth $5K.

Never forget.....things can be replaced. The peace of mind of your family and an unsecured debt-free, less stressful future is what's most important. You have to keep your eye on the prize.

I am so confused and streesed. This has taken over my whole life and marriage. I can not see a lightat the end of the tunnel. Hell I can't even see the tunnel.

You are at a very tough time - right before the filing. So many questions, so many doubts.

Do yourselves a favor. Sit down together and list every single bit of your debt. Looking realistically, if you gave up everything you can and subtracting house and car payments and living expenses, how much money do you have left every month? If you put that amount towards paying off your current debt in full (adding in the interest, late fees, etc), how long will it take you to pay it off? If the answer is more than five years, then Ch 13 is absolutely the best option to take.

[UpsideDownMI]

Since you plan on selling the boat, don't worry about it as you can just surrender it to your lender in your plan if it does not sell. As for the atv's, like I and others said you could keep them as long as your unsecured creditors receive the value of them in throughout the life of your chapter 13 plan. Keep in mind that you also have to show that you have the ability to pay your creditors the amount that you propose to pay in your plan.

It is hard to tell you for sure that you could keep them without knowing your whole story. I suggest that you search for as much info on bankruptcy as possible, so that you can get yourself familiar with the entire process. For starters are you above or below the median income? Do you own a home? Do you have equity in your home? Are you behind on house payments? Do you want to keep your home? How many cars do you own? Do you have equity in your cars? Are you behind on car payments? Do you want to keep your cars? Do you or your spouse owe child support or back taxes? These are all questions that will need to be answered before you will know for sure if you will be able to keep non exempt luxury.

This site is very informative and well definately help you thru this life changing process that we are all going thru.

[UpsideDownMI]

Also I recommend purchasing the Nolo chapter 13 book. In my opinion it is money well spent even if you will be using a lawyer, as it walks you thru the entire process. I bought the ebook from their site for $13.95 buy using a $10 e-code that found thru google. You can download it right away.

[Alone]

Yes everything else seems to be exempt by what i read about Louisiana exemptions. The only thing I do not understand is the equity in a home. I am not and have never been late on my house payment and it will not be included in the bankrupcy. I will be paying the house note and a 2nd mortage in addition to the bankruptcy payments. I do however own a vehicle worth about 3000.00 but it seems that my paid for assets do not exceed that amount. Thanks for the info. If you have anymore I'd like to know.

[Alone]

Alone, first of all, I merged the two threads you had going here in the Ch 13 forum area asking the same questions. It's against our forum rules to post two threads asking for the same information.

You can keep any and all assets that are protected by your state exemptions, no questions asked. The issue here is that a boat and two ATVs that cannot be fully protected with your Louisiana exemptions will be seen by your trustee as luxury items, not necessities. That makes it more likely that the court will demand you pay for their value beyond what your exemptions protect if you want to keep any of them.

Think of it this way. When you file Ch 13, hearing from the creditors and collectors non-stop quits within a week or two. All of your family's debts are frozen on filing day. No more 30% APRs on your credit cards. No more late fees and penalties. No more outrageous and humiliating collection calls. Your phone is finally quiet.

Ch 13 is the golden ticket out from under a mountain of debt that no matter how hard the two of you work, will take far more than five years to pay off no matter how many jobs the two of you take - if it can ever be paid off. And in return, you may have give up two ATVs worth $5K.

Never forget.....things can be replaced. The peace of mind of your family and an unsecured debt-free, less stressful future is what's most important. You have to keep your eye on the prize.

You are at a very tough time - right before the filing. So many questions, so many doubts.

Do yourselves a favor. Sit down together and list every single bit of your debt. Looking realistically, if you gave up everything you can and subtracting house and car payments and living expenses, how much money do you have left every month? If you put that amount towards paying off your current debt in full (adding in the interest, late fees, etc), how long will it take you to pay it off? If the answer is more than five years, then Ch 13 is absolutely the best option to take.

Thanks for combining the two. I am new to this forum stuff and did not know I was posting something new was trying to add. I did notice it but didn't know how to fix.
Sorry!

[Alone]

Alone, first of all, I merged the two threads you had going here in the Ch 13 forum area asking the same questions. It's against our forum rules to post two threads asking for the same information.

You can keep any and all assets that are protected by your state exemptions, no questions asked. The issue here is that a boat and two ATVs that cannot be fully protected with your Louisiana exemptions will be seen by your trustee as luxury items, not necessities. That makes it more likely that the court will demand you pay for their value beyond what your exemptions protect if you want to keep any of them.

Think of it this way. When you file Ch 13, hearing from the creditors and collectors non-stop quits within a week or two. All of your family's debts are frozen on filing day. No more 30% APRs on your credit cards. No more late fees and penalties. No more outrageous and humiliating collection calls. Your phone is finally quiet.

Ch 13 is the golden ticket out from under a mountain of debt that no matter how hard the two of you work, will take far more than five years to pay off no matter how many jobs the two of you take - if it can ever be paid off. And in return, you may have give up two ATVs worth $5K.

Never forget.....things can be replaced. The peace of mind of your family and an unsecured debt-free, less stressful future is what's most important. You have to keep your eye on the prize.

You are at a very tough time - right before the filing. So many questions, so many doubts.

Do yourselves a favor. Sit down together and list every single bit of your debt. Looking realistically, if you gave up everything you can and subtracting house and car payments and living expenses, how much money do you have left every month? If you put that amount towards paying off your current debt in full (adding in the interest, late fees, etc), how long will it take you to pay it off? If the answer is more than five years, then Ch 13 is absolutely the best option to take.

I understand it's a small price to pay but we have already lost the boat, a camp and a will not be able to pay for a lease. These are all things that we enjoyed and more importantly my son who is only 6. Having to explain this to him has been very difficult for me. I just wanted him to be able to keep something he and his dad enjoy doing together. I do not expect pitty just an ear to get it all out