top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
DMI income not enough for 13 and make to much for a 7
Collapse
X
-
See another attorney (or two). Just from eyeballing your budget : You have nothing noted for food, clothing, gas for your car, insurance, etc. Those alone would bring the DMI down and could help you qualify for a Chapter 7.
Even though you make a "high" income you clearly have high expenses: Child support, etc.
Get a 2nd and 3rd opinion if need be.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
-
newbie
Thanks for the reply, this is my 3rd lawyer and they all say the same thing.....the $385DMI is what they came up with after doing the means test, the two that i have paid did the Means test and it are very close with the numbers.
I have had 3 different lawyers do a conslut and I paid the one I though would do the best and after he came up with the $385.00 and told me boy you sure fall is the middle where BK is concerned I paid a second one for his services, and this is where i'm at.....I don't see how I can possible pay the $1300.00 a month untill I get out of house lease or default on my 401K paln, which I can't unless I lose my job and if that happens this is all a moot point.....( are you happy MSBK)Last edited by Hammer; 03-12-2010, 10:23 AM.
Comment
-
Something isn't making sense. If the DMI is 395 or so, where does the over 1000 number come from? Is there an asset that you are trying to protect that isn't covered by exemptions?Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
Comment
-
Originally posted by Hammer View Postthis is all a mute point.....Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.
Comment
-
Originally posted by newbie2 View PostSomething isn't making sense. If the DMI is 395 or so, where does the over 1000 number come from? Is there an asset that you are trying to protect that isn't covered by exemptions?
I have nothing after the divorce, long story....gave her everything house, business, 27 years of marraige and I didn't even get a lawyer....we will leave it at that.
Thanks againLast edited by Hammer; 03-12-2010, 10:18 AM.
Comment
-
momofthree
Originally posted by momofthree View PostAre you really paying $928 in utilities for your house? That just sounds like a crazy high amount!
My utilities are as follow...
Budget Bill Georgia Power $259.00
Home gas $49.00
Water/Sewage $65.00
Cable TV $99.00
Phone $69.00
Waste fee $15.00
Comment
-
You mention a home & car with # months remaining. Can you get into a less expensive home and/or car? The # months remaining is irrelevant when you're considering bankruptcy, as any balances owed would be wrapped into the plan.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)
Comment
-
Originally posted by SMinGA View PostYou mention a home & car with # months remaining. Can you get into a less expensive home and/or car? The # months remaining is irrelevant when you're considering bankruptcy, as any balances owed would be wrapped into the plan.
Thanks for the input.
Comment
-
This isn't making sense. You say you have a car loan with $13,839 in payments remaining and a $22,000 tax bill. That's $35,839. 60 payments of $1295 = $77,700. Why would you need to pay that much to the plan? To repeat Newbie's question, are there assets you are trying to keep that aren't within your state's exemptions? Is there other secured debt you haven't mentioned?
My logic could be flawed, but here's how I see it assuming you don't have more secured debt and are not trying to keep assets: Your current DMI of $385 x 60 months = $23,100. Add to that 14 months in 401k loan payments that you can contribute after the loan is paid (14 x $790 = $11,060) and you can pay $34,160 into the plan over 60 months. Not quite enough to fund a plan. Can you delay filing for a while so you can pay down the car and 401k a little more? How about letting the bank have the car and buying a less expensive one? I believe you can reject the lease in BK and your obligations to the landlord become unsecured debt. So, if you can get a cheaper place to live, you could increase your DMI to help fund a Chap 13 Plan.
If your attorney is estimating such a high payment because are trying to keep assets, you will have to give them up if you want to file BK.
P.S. after seeing your last response: You may be able to cram down that car loan. I'm not sure of the time requirements. Try searching the boards for info.Last edited by LadyInTheRed; 03-12-2010, 12:44 PM.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!
Comment
-
Originally posted by LALADY View PostWhat happens to your DMI under Ch7 calculation if you take off your 401k loan payment?
Comment
bottom Ad Widget
Collapse
Comment