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Filed; before 341; changed mind and want to wait

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    #1

    Filed; before 341; changed mind and want to wait

    I filed weeks ago, and haven't even had my 341 scheduled yet. But, the more I think about it, I want to know if it's possible to delay it 5 months (dismissal, I suppose).

    The problem is that I got hosed on the 6 month look back, and would like to wait 4-5 months to get the annual bonus off my look back. I'm in 100% payback now, which I never expected, and I'm starting to think this will be difficult. If I waited and recalculated my 6 mo in the 2nd half of the year, my salary would drop over $1k/mo. Maybe I'll have to give up my bonus next year (and others), but my payment would be over $1k less/month.

    It's been almost a year since CC payments. Got stressed, and one lawyer answer that I disagree with (about filing earlier), and now I don't like my position.

    Suggestions or thoughts?

    -- Fedor
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    #2
    My understanding is that a Chapter 13 can be voluntarily dismissed. Check with your attorney though and find out if dismissing now, and refiling in 6 months would look like an abuse of the system to your trustee. What you don't want to happen is to dismiss then be prevented from filing again.

    I'm sorry you agreed to the 100% before thinking it through and waiting for the income to drop off.
    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.

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      #3
      Waiting isn't really going to help that much. However, sounds like you went with a cheap lawyer who may not understand the ins and outs of how chapter 13 payments are calculated.

      The 6 month look back ONLY applies to whether you qualify for chapter 7 BK. The actual chapter 13 payment is based on your "current" monthly income and expenses (schedules I & J).

      I would say stick it out, you can amend/modify the plan to deal with decreased income. Also, why restart 60 month clock 6 months from now. Keep in mind, 100% payback with no accumulating interest is better than trying to payback the debt outside of BK with 14-29%. Stick it out, you will be fine. Take your feet out of ice and put some socks on (maybe a not so clever analogy for "cold feet")

      Comment

        #4
        Originally posted by HHM View Post
        The 6 month look back ONLY applies to whether you qualify for chapter 7 BK. The actual chapter 13 payment is based on your "current" monthly income and expenses (schedules I & J).
        Thank you for clearing this up! I've been reading everything I can find about BK and you're the first person to make this distinction for me.
        DH laid off 3/08 | Last mortgage payment 12/09 | Filed Ch13 5/10 | Converted to Ch7 7/10 | 341 held 8/10 | AP filed by secured creditor 10/10 | Ch7 discharged & closed 11/10 | Foreclosure 10/2011

        Comment

          #5
          Originally posted by researchnerd View Post
          Thank you for clearing this up! I've been reading everything I can find about BK and you're the first person to make this distinction for me.
          Ok, now I'm really wondering. I was told (at the end) that the means test determines the monthly payment. Schedules I & J are used to determine if you can afford the payment determined by the means test.

          Cold feet: I'm not trying to get out of this, but delay it 4-5 months. Actually, I'm not even trying that, but trying to get info on my options here.


          Sincerely appreciate comments, especially now with my added confusion.

          -- Fedor

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