Ok, I am way over the income for a CH7 and the 1st attoney I spoke with stated that I would have to do a 13. (I plan to interview more) I have a high amount of secured credit, mainly my home.
After paying taxes and my secureds, reasonable living expenses, etc I will have little to pay unsecureds...maybe nothing. He told me that does not matter and that a 13 can be for like $100.00 a month. I would wipe out ~150k credit cards and likely ~150k second mtg. Almost all of my assests are exempt...could be a few thousand left over. He also stated that the court might not allow me to keep my home even though I could pay the mtg in a Ch13....any thoughts on this?
My understanding is that I can keep my assets even if slightly over the exempt amounts as long as the unsecureds were paid at least what they would have been paid in a Ch7. So if I had 6k non-exempt and kept them, then as long as I paid at least 6k in Ch13 I would be fine and not have to liquidate them. Mainly cars that are paid off.
He also told me that I only have to provide an expense worksheet 1X (at the beginning) and that would be what they utilized for the entire 5yrs...so if my income went up quite a bit it would have no effect on having to pay more later. Any thoughts on that?
Another question is that assuming my income goes up (very certain it will) then would I still have to get court permission to buy a car or anything down the road since I supposidly only have to do a budget once?
Also, does anyone know how it works on exemptions with only 1 spouse fileing in a non-community property state...The debts are all in my name we are talking about.
After paying taxes and my secureds, reasonable living expenses, etc I will have little to pay unsecureds...maybe nothing. He told me that does not matter and that a 13 can be for like $100.00 a month. I would wipe out ~150k credit cards and likely ~150k second mtg. Almost all of my assests are exempt...could be a few thousand left over. He also stated that the court might not allow me to keep my home even though I could pay the mtg in a Ch13....any thoughts on this?
My understanding is that I can keep my assets even if slightly over the exempt amounts as long as the unsecureds were paid at least what they would have been paid in a Ch7. So if I had 6k non-exempt and kept them, then as long as I paid at least 6k in Ch13 I would be fine and not have to liquidate them. Mainly cars that are paid off.
He also told me that I only have to provide an expense worksheet 1X (at the beginning) and that would be what they utilized for the entire 5yrs...so if my income went up quite a bit it would have no effect on having to pay more later. Any thoughts on that?
Another question is that assuming my income goes up (very certain it will) then would I still have to get court permission to buy a car or anything down the road since I supposidly only have to do a budget once?
Also, does anyone know how it works on exemptions with only 1 spouse fileing in a non-community property state...The debts are all in my name we are talking about.
Bankruptcy Wizard
Comment