Here's my situation:
Home mortgage: 213K
Student Loan: 122K
Car Loan: 25K (new car because lease ends in Nov)
IRS Back Taxes: approx 81K (includes penalties and interest)
State Back Taxes: approx 19K (includes penalties and interest) - on payment plan of $200.00 monthly
Unsecured debt: 48K
Filing 13 because I am over the median in income. I also want to keep my condo and the car so I have a place to live and transportation to work.
I believe my student loans will go into deferment during the 13 and am aware that interest will continue to occur. I would like to continue to make the payment as it's already low in terms of the total I owe. However I really need to focus on paying off the back taxes.
Using the last 6 months as the look-back for the income, I think we can come up with a monthly chapter 13 payment that I can manage.
I was expecting to change from 1099 work (self-employed) to becoming a W2 employee, however the company I interviewed with is taking too long to make a decision.
IRS already levied my bank account.
I bought the car because my car lease was ending in Nov. It's starting to look like I may not be able to wait until the end of the year to file because the phone calls are already starting and occur multiple times a day.
I also need to deal with the back taxes issue because I am up for a federal job and have a security clearance to worry about. If I don't show that I'm making a good faith effort to resolve my financial issue, I could lose the opportunity of a fed job. Bankruptcy is actually looked at as making a good faith effort. They don't like it if you don't do anything.
My concern is the car. I want to keep it and continue to make payments, however my first payment isn't due until August. I need the car to get to work so I will continue to make payments during the chapter 13. What I'm afraid of is that they will take the car once they get notified I filed especially since I just bought it and haven't made my first payment.
Will Honda repo if I file bankruptcy in July before my first payment?
Should I reaffirm this car loan?
Any advice would be helpful. Sorry for the long post.
Home mortgage: 213K
Student Loan: 122K
Car Loan: 25K (new car because lease ends in Nov)
IRS Back Taxes: approx 81K (includes penalties and interest)
State Back Taxes: approx 19K (includes penalties and interest) - on payment plan of $200.00 monthly
Unsecured debt: 48K
Filing 13 because I am over the median in income. I also want to keep my condo and the car so I have a place to live and transportation to work.
I believe my student loans will go into deferment during the 13 and am aware that interest will continue to occur. I would like to continue to make the payment as it's already low in terms of the total I owe. However I really need to focus on paying off the back taxes.
Using the last 6 months as the look-back for the income, I think we can come up with a monthly chapter 13 payment that I can manage.
I was expecting to change from 1099 work (self-employed) to becoming a W2 employee, however the company I interviewed with is taking too long to make a decision.
IRS already levied my bank account.
I bought the car because my car lease was ending in Nov. It's starting to look like I may not be able to wait until the end of the year to file because the phone calls are already starting and occur multiple times a day.
I also need to deal with the back taxes issue because I am up for a federal job and have a security clearance to worry about. If I don't show that I'm making a good faith effort to resolve my financial issue, I could lose the opportunity of a fed job. Bankruptcy is actually looked at as making a good faith effort. They don't like it if you don't do anything.
My concern is the car. I want to keep it and continue to make payments, however my first payment isn't due until August. I need the car to get to work so I will continue to make payments during the chapter 13. What I'm afraid of is that they will take the car once they get notified I filed especially since I just bought it and haven't made my first payment.
Will Honda repo if I file bankruptcy in July before my first payment?
Should I reaffirm this car loan?
Any advice would be helpful. Sorry for the long post.
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