question regarding sporatic income

[95kindebt]

we are looking at filing ch 13 in October. We have 100k in unsecured debt and a car that we're looking at cramming down as well as a gun collection valued at about 20k. we make about 110k a year.

Not sure about the means, test, but lets say that we file, based on what we have in income now, and my husbands LLC gets more orders, to the tune of about 20K profit for us, we have to report this to the trustee right? Then it goes directly to the trustee to pay the creditors?

What if we file, make the payments then get disbursements from the LLC, come across a really big order, how does a BUY OUT of a plan work? Would we pay 100% back that we owe the creditors, or just the creditors that filed with the court? Or is it based on asset value to get out of the CH.13?

Thanks. We're trying to figure out what we should do.

[lrprn]

we are looking at filing ch 13 in October. We have 100k in unsecured debt and a car that we're looking at cramming down as well as a gun collection valued at about 20k. we make about 110k a year.

It would help a lot to know which state you live in so we can look at the state's exemptions. Depending on which state you live in, you might have difficulty hanging on to a $20K gun collection if you file bankruptcy.

....lets say that we file, based on what we have in income now, and my husbands LLC gets more orders, to the tune of about 20K profit for us, we have to report this to the trustee right?

It depends on how your trustee chooses to handle these kinds of temporary income increases. Some will want to know, and some won't. There's no consistency about this across the country.

Then it goes directly to the trustee to pay the creditors?

See my answer to the last question Again, there's no consistency about how this is handled by Ch 13 trustees across the country.

What if we file, make the payments then get disbursements from the LLC, come across a really big order, how does a BUY OUT of a plan work? Would we pay 100% back that we owe the creditors, or just the creditors that filed with the court? Or is it based on asset value to get out of the CH.13?

It all depends on what % payback your confirmed plan payments will disburse to your unsecured creditors that file claims.

If your plan ends up set to pay back 100% to your unsecured creditors that file claims, then any extra paid in shortens your plan. However, if your payback % is less than 100% (and 99% of Ch 13 plans pay back less than 100%), then any extra paid in just increases the payback to your creditors that file claims.

You stay in a Ch 13 plan until you've paid the full number of months set in your plan or your unsecured creditors have been paid back 100% of what they are owed - whichever comes first.

Buying out early using your home or other asset equity is possible, but at this point the courts have ruled that you have to pay back 100% to your creditors who filed claims to do so. Any creditors that don't file claims are just out of luck - anything you owed those creditors is wiped out completely as long as you complete your Ch 13 plan successfully no matter what happens with extra profits, raises, changes in expenses, etc. while your plan is active.

[95kindebt]

we're in Oregon. Attorney thinks we'll be able to hang on to the guns.