First off, let me say this is my first post, but after using the site as a guest for the past two weeks I have learned SO MUCH! This is an incredible site with tons of valuable information.
I am preparing for a Chapter 13 (met with first of 3 attorneys today - good advice I got from this site) and I have a few questions that I wanted some opinions on. Some are straight forward (I think) and some seem to be "it depends" based on what I have read on this site and others.
My wife and I have a gross income of about $195k, but our take home pay (after taxes, health/life insurance, health savings account, dependant savings account, 401k loans, and 401k contributions) is only around $98k. We both max our 401k and have for at least 2 years. We are in the Eastern District of Michigan.
1. What is the liklihood that we will be able to continue contribute the max to our 401k accounts?
2. This past year I received a bonus in late July of $15k. With 6 months of look back, it would be in my average monthly income. The first atty said not to worry about it, but from what I have read here, if it was income in the past 6 months, it gets included in determining my monthly income. The wolves aren't yet at the door (everything is current) so I can wait a few months to file if needed. Suggestions?
3. Since the bonus is "optional" and there is no guarantee I will get it every year, atty also said that if it comes up again next year, just find legitimate living expenses to spend it on and not worry about it going to the trustee. While I like the aggressiveness, I was wondering what others have experienced.
4. My wife and I have total unsecured debt of about $250k (80k CC, 140k student loans, 30 casino marker). I got an appraisal for our home (once again, good advice from this forum) that puts our home value at $235k. 1st is at $242k, 2nd is at $150k. Good candidates for lien strip (big part of why we want to go 13) but then we get into the 336k unsecured debt limit. I know some have said the 2nd would start as secured when you file, but atty had some concerns that it might get challenged that way. The case law on this seems to be new, so just wanted to see if there were others who have done this.
My apologies for the novel, but aside from my wife, I haven't had anyone else to discuss this with. You all have already been more helpful than you know! Just to know that there are others out there in the same situation is a comfort.
I am preparing for a Chapter 13 (met with first of 3 attorneys today - good advice I got from this site) and I have a few questions that I wanted some opinions on. Some are straight forward (I think) and some seem to be "it depends" based on what I have read on this site and others.
My wife and I have a gross income of about $195k, but our take home pay (after taxes, health/life insurance, health savings account, dependant savings account, 401k loans, and 401k contributions) is only around $98k. We both max our 401k and have for at least 2 years. We are in the Eastern District of Michigan.
1. What is the liklihood that we will be able to continue contribute the max to our 401k accounts?
2. This past year I received a bonus in late July of $15k. With 6 months of look back, it would be in my average monthly income. The first atty said not to worry about it, but from what I have read here, if it was income in the past 6 months, it gets included in determining my monthly income. The wolves aren't yet at the door (everything is current) so I can wait a few months to file if needed. Suggestions?
3. Since the bonus is "optional" and there is no guarantee I will get it every year, atty also said that if it comes up again next year, just find legitimate living expenses to spend it on and not worry about it going to the trustee. While I like the aggressiveness, I was wondering what others have experienced.
4. My wife and I have total unsecured debt of about $250k (80k CC, 140k student loans, 30 casino marker). I got an appraisal for our home (once again, good advice from this forum) that puts our home value at $235k. 1st is at $242k, 2nd is at $150k. Good candidates for lien strip (big part of why we want to go 13) but then we get into the 336k unsecured debt limit. I know some have said the 2nd would start as secured when you file, but atty had some concerns that it might get challenged that way. The case law on this seems to be new, so just wanted to see if there were others who have done this.
My apologies for the novel, but aside from my wife, I haven't had anyone else to discuss this with. You all have already been more helpful than you know! Just to know that there are others out there in the same situation is a comfort.
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