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    #1

    Help Please!!

    Hi, I am new here and hoping to find a little help..

    Me and my husband filed chapter 13 on feb 1 of this year.. Unfortunately before our 341 meeting he was laid off from his job on feb 2nd (unexpected) and I was laid off on Feb 27th (also unexpected).. Our first payment to the trustee was $1750/ due the first of March and our 341 meeting was March 15.. This we paid even after advising our attorney of our changes in income, anyway at our 341 meeting the trustee could not confirm our bankruptcy due to the lack of income. Our attorney had 10 days to notify the trustee of a new plan (which has also been rejected due to lack of income) My husband has found work ( I have not) and the payment plan was still is not approved by the trustee.. The income has not changed..I am still getting notices to dismiss. I have a house and car I am trying to keep.. What can I do? Do I just convert to a chapter 7 and walk away from my home and Car? if so what do I have to pay then?? And can i even do this?? And we have made april and May 1st payments as well.. how I dont know but we did..
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    #2
    HI and welcome!!!
    Probably you shouldn't have bothered making that first payment under such drastic circumstances. Wish you had found us sooner.

    Obviously your plan is not sustainable as is-- the numbers can no longer work. Tell us a little more about your situation. Equity in house and car, what portion of payment was going to secured/unsecured etc. Are you getting unemployment? Give us as much info as you can so we can guide you.

    Keep On Smilin'

    Comment

      #3
      1st mortgage is 97,000
      2nd mortgage is 35,000 ( home value in 2005 121,000) not gone up much since then

      payment to trustee was proposed by my attorney to be 1750/mth

      trustee said payment would be 1850/mth first 2 months then increase to 2200/mth

      no equity in car and 2nd mortgage has yet to confirm debt..

      1450/mth to 1st mortgage and 400

      no unemployment for me as of yet, waiting on approval but have filed..

      between me and my husband we lost about 35,000 a year in income

      our income right now is around 2400/mth

      Comment

        #4
        Why was your payment going to increase?
        How many in your family?
        You are probably now under the median and can easily qualify for a 7. Are you current on the mortgage? Did you rush into filing? Why exactly did you file? NC is a pretty debtor friendly state. Maybe no need to rush.

        Keep On Smilin'

        Comment

          #5
          Not sure why the payment was going to increase.. can't get my attorney to answer the phone.. 2nd no I am not current on my loan, husband was North carolina National guard activated to full staus in 04 to Iraq dramatic decrease in income and never lowered my interest rate even though I sent in all orders.. struggled to make payments and would not work out mod until 3 mths behind.. then my nightmare started. its just kinda snowballed and after many attempts at modification and increase in payments we just got to far behind.. bank sold our loan and the nightmare still continues.. We were faced with forclosure and didnt want to lose it so we filed after mortgae company refused another modification.. then the job loss. just tired and ready to walk.. 3 kids at home ages are 11,13 and 19 yr old son.

          Comment

            #6
            So the plan is purely for secured debt then?
            Any idea what the rental market is like? any idea on how long foreclosure is taking in NC? could be you can do a 7, stop making payments and save up some decent cash to move if that's something that might work.
            You might have to wait a little bit for income to drop off.
            You may have to go see the attorney in person. He owes you some answers! Don't feel bad about it either. It's his JOB.
            Others will be along to chime in. Hang in there.

            Keep On Smilin'

            Comment

              #7
              Does anyone else want to chime in?? I really need some advice on what I need to do. I am scared, worried and just dont know what else to do!!

              Comment

                #8
                RELAX, BREATHE then....
                Go sit on your lawyer's doorstep.
                Really there is nothing else to do at this moment. If you don't have the money, you don't have it.
                Meanwhile, something productive to do would be start looking around at the rental market. That will help you decide to stay or go. You won't get kicked out tomorrow either way. Know your options.
                Also, just a thought .... it might be a good idea to be a tiny bit more specific as to what you need help with in the title of your post. Something that will grab attention specifically- like " can't sustain ch13 payments due to job loss and lawyer won't respond" or similar.

                Keep On Smilin'

                Comment

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