Originally posted by joshcohen
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Guys it does not matter how much you make it matters how much I keep. I am just a guy trying to keep an extra $755.00 per month! I was simply posting to hear some good advice and see if maybe there is something I have been missing something. It is obvious that I am not. Thanks to all even the haters!
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Originally posted by espo1357 View Postbs post, right?
200k per year and you are worried about 755 a month.
Smart people usually make 200k/year, so why waste our time with this post?Chapter 13 Filed November 10, 2010 Indiana - Southern District - United States Seventh Circuit
Attended 341 hearing 12/15/2010
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Originally posted by joshcohen View PostGuys 200k a year is not a lot of money in today's day in age. Look I simply was looking for a loop hole based on the fact that the reason I am in this plan was because of $50 K I transferred from my bank account to my dads (from a trust fund) before I filed. Yes BKdone I was thinking that at this point being that my Dad is Dead they may dismiss it. I know I am probably wrong and have to just keep paying it. It is what it is right? You make mistakes in life and you pay for them. Just makes me upset that big business gets bailed out and josh smo has to pay every month! Also the reason I am making 200K now is because I realigned my thinking in my Salesmanship in the industry I am in. Took full curriculum courses on life and business and have increased my income from 40k when I filed to 200K in two years. Is that stupid Espo?
They aren't going to dismiss it. You made a preferential payment to a creditor. You chose not to have them go after your dad and elected for a Chapter 13. That was your choice to do. Now you have to either continue the next 3 years with the plan or dismiss it and pay even more.
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Originally posted by joshcohen View PostThanks for talking sh** Espo, you obviously have never made much money in your life. 200k pre tax dollars works out to a much, much lower figure when you incorporate, Life ins, car ins. rent, benefits, college fund, a Family of 4 with a wife who does not work. I will admit that I live in a posh upscale building that costs me over 2k a month in total expenses so for that I admit some I was not smart. I don't care how you slice or dice it $755.00 per month is $755.00 per month!! If I can find a loop hole to get out of it who wouldn't??? Oh and BTW I have lived a very nice lifestyle all Cash for the last 2 years. Also I feel my Lawyer mis advised me when I originally filed and treated me like a complete jerk! I have spoken to a current friend who is a BK attorney and he told me if I waited 6 more months from the date I filed I could've went 7 and been done!
SO, how old are your kids? If they are little, don't you think you could stop contributing to a college fund for 3 years and pick it back up again when the BK is over? That's just one example, I'm sure there are other things you could cut back on so you aren't struggling. A Chapter 13 is about teaching you to budget. And yeah, it sucks, especially when you are used to living the high life. But in 3 years, your debt will be gone and all of your money will be yours again.
If you aren't willing to do that, then another poster outlined your options.Filed Ch 13 - 2/2010
341 meeting - 4/2010
Confirmed! - 6/2010
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All good advice and you guys are 100% right I have not budgeted appropriately and yes should never of incurred the cost of a 2g a month Condo payment. I also had to buy an SUV which I bought used and paid Cash for and I paid for a large wedding on the beach this year that set me back 35 k. So you guys are right I can and I am managing however I just thought the possibility was out there that maybe as things have gotten a little leaner the past few months I could possibly find a loop hole. I probably should of mentioned that my high income comes from hard core software sales for a global player. I have to push hard to make that kind of money day in day out. Couple of bad months and all my other monthly expenses it gets hairy!!! Yes budget Budget budget is my mantra now. My wife and I are currently looking to sublet our place and move to a more residential neighborhood where we can save about 400 per month and have a bigger house and yard for the babies.
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Josh, it sounds like you need to really sit down and realistically create a budget to stick to. On your income, a $2k housing payment is reasonable. Our income is around $65k a year, family of 5, in CA, with a housing payment of $1900 and we live a frugal but comfortable life. Our trustee payment is only slightly lower than yours at $610 a month. You really NEED to save any extra money that you can in those profitable months. I have a feeling you don't even really know where your money goes each month. The thing about money is if you don't tell it where to go, it runs away from you. Look over your bank statements carefully, especially at things like clothing, recreation, eating out, & groceries. It's so easy to overspend in those areas and not even realize it.
Once you learn to budget and save accordingly, $755/mo will not be "killing you" anymore. You'll sail through the rest of your ch.13 and come out the other side not only debt-free, but having learned a valuable life lesson that will get you to retirement--maybe you can even retire early! Save, save, save!Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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Originally posted by joshcohen View Postand I paid for a large wedding on the beach this year that set me back 35 k..Filed CH13 - 06/2009
Confirmed - 01/2010
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Look I simply was looking for a loop hole based on the fact that the reason I am in this plan was because of $50 K I transferred from my bank account to my dads (from a trust fund) before I filed.
I also had to buy an SUV which I bought used and paid Cash for and I paid for a large wedding on the beach this year that set me back 35 k.
Oh and BTW I have lived a very nice lifestyle all Cash for the last 2 years. Also I feel my Lawyer mis advised me when I originally filed and treated me like a complete jerk! I have spoken to a current friend who is a BK attorney and he told me if I waited 6 more months from the date I filed I could've went 7 and been done!
....and have increased my income from 40k when I filed to 200K in two years
If you've gone from 40K to 200K in 2 years since filing, and are in a Ch. 13 5 year plan, have paid cash for vehicles, and a $35K wedding - then why on earth havent you paid your plan in full since you state you're at 100% payback? You do have the option to dismiss your case or pay it off early. You wouldnt qualify for a Ch. 7
Sorry if I sound cynical but your story isnt making any sense whatsoever..... you're stating you only filed BK because of a payment to your father.... not adding up to me.....Last edited by Pandora; 12-10-2010, 07:27 AM.
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He made a preferance payment to his father, so filed a 13 instead of a 7 so he could pay the preferance payment back to secured creditors instead of risking the trustee going after his father. I don't think he meant that the loan from his father was the only reason he filed BK.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!
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Originally posted by LadyInTheRed View PostHe made a preferance payment to his father, so filed a 13 instead of a 7 so he could pay the preferance payment back to secured creditors instead of risking the trustee going after his father. I don't think he meant that the loan from his father was the only reason he filed BK.Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....
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Originally posted by momofthree View PostExactly! The $50k was the minimum he had to pay in. I'm guessing on a $40k income, he wouldn't have paid back anywhere near that amount if it weren't for the preferential payment. He clearly had more debt than that though, which was his purpose for filing.
I'm in a min plan base also - but am not at 100% if you do the math (2nd mortg. to be stripped) - everything at the end of our plan that remains will be written off and discharged.
There's info missing in the OP's posts...Last edited by Pandora; 12-11-2010, 07:37 AM.
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