Hi Everyone: I'm new here and have found this forum to be a life saver!
Reader's Digest Version: Single mom; two kids (one biological; one adopted special needs) I filed Chapter 7 in 2001. Fast forward to 2010....I have a good income but have large cc debt (approx. $20K). Got trapped in the payday loan gig - even went so far as to hand over the pink slip to our only vehicle for one of those car title loans. Now late on student loans (was in forebearance forever).
I am meeting with the attorney who completed my 7 on 6/11. After researching this site and completing online Chapter 7 means tests, I think a 13 is the best option. I have a home that is $100K under water that I really want to keep (this is the only home my special needs son has ever known (tear). My mortgage payment was modified in 2009 so it is finally manageable but I'm behind my second property tax installment AND I owe California Franchise Tax Board. I feel so poor....
Anyway, I noticed that people quote a dollar amount that they pay into the plan and also make reference to a percentage payback to unsecured creditors. If you are not making any payback on unsecured debt, what is the money you are paying into the plan? Where is that money going?
Help me, veterans to the new bankruptcy laws and those blazing a trail before me, please!
Thanks for listening -
Reader's Digest Version: Single mom; two kids (one biological; one adopted special needs) I filed Chapter 7 in 2001. Fast forward to 2010....I have a good income but have large cc debt (approx. $20K). Got trapped in the payday loan gig - even went so far as to hand over the pink slip to our only vehicle for one of those car title loans. Now late on student loans (was in forebearance forever).
I am meeting with the attorney who completed my 7 on 6/11. After researching this site and completing online Chapter 7 means tests, I think a 13 is the best option. I have a home that is $100K under water that I really want to keep (this is the only home my special needs son has ever known (tear). My mortgage payment was modified in 2009 so it is finally manageable but I'm behind my second property tax installment AND I owe California Franchise Tax Board. I feel so poor....
Anyway, I noticed that people quote a dollar amount that they pay into the plan and also make reference to a percentage payback to unsecured creditors. If you are not making any payback on unsecured debt, what is the money you are paying into the plan? Where is that money going?
Help me, veterans to the new bankruptcy laws and those blazing a trail before me, please!
Thanks for listening -
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