Bear with me here. Just saw attorney on Friday. We don't qualify for 7, so Chapter 13 it is. The question is do I file myself or with my spouse. Combined our debt is $144k. $116k in my name and $27k in his name. We both make around $80-90k a year.
I just want to make sure I understand. Lawyer said if we do a combined Ch. 13 the max at 100% we'd pay with half of his fees and Trustee fees would be somewhere around $2,700ish a month, which he didn't think we would happen, just worst case scenario. If it was just me it could be somewhere around $2,200 ish.
1. He said my husband's salary would be counted towards my income in what I'd have to payback, but they would be able to deduct for my husband's credit card payments to cram down the $27k to his cards to get those paid off.
2. I mentioned to attorney I had read on here about getting 2 new cars, both our cars are over 10 years with 130k miles and literally falling apart. 2 days ago the muffler fell off my car, I cried. Lawyer told me he couldn't in all good faith tell me to go take out new debt on the eve of filing, but if we need new cars, we need new cars, buy something very modest. It kind of made me wonder if he knows something I don't know about the Trustees. I don't want to tick anyone off, but these cars we have WILL NOT last 5 years.
So question - I get me buying a vehicle now, because after I file I won't be able to, but should my husband too? If they are counting his income, wouldn't it make sense to add a car payment to bring up our expenses too? If we wait on his car, I just worry where the monthly payment will come from if his money is being counted in my repayment plan, right?
3. I also worry about our marriage lasting quite frankly. This debt was pretty much my fault, this way if we do divorce, I would guess the steps would be - divorce, sell house with Trustee approval, then I would have to modify my Ch. 13 right? Seems like if we filed together, it would be a lot messier to break up the Ch. 13, am I on the right track?
4. Would there be any upside to my husband filing with me?
Thanks, my brain hurts, can't believe we are in this position, I feel like such a failure. This forum is such great support, I feel like it's my support group – thank you all!
I just want to make sure I understand. Lawyer said if we do a combined Ch. 13 the max at 100% we'd pay with half of his fees and Trustee fees would be somewhere around $2,700ish a month, which he didn't think we would happen, just worst case scenario. If it was just me it could be somewhere around $2,200 ish.
1. He said my husband's salary would be counted towards my income in what I'd have to payback, but they would be able to deduct for my husband's credit card payments to cram down the $27k to his cards to get those paid off.
2. I mentioned to attorney I had read on here about getting 2 new cars, both our cars are over 10 years with 130k miles and literally falling apart. 2 days ago the muffler fell off my car, I cried. Lawyer told me he couldn't in all good faith tell me to go take out new debt on the eve of filing, but if we need new cars, we need new cars, buy something very modest. It kind of made me wonder if he knows something I don't know about the Trustees. I don't want to tick anyone off, but these cars we have WILL NOT last 5 years.
So question - I get me buying a vehicle now, because after I file I won't be able to, but should my husband too? If they are counting his income, wouldn't it make sense to add a car payment to bring up our expenses too? If we wait on his car, I just worry where the monthly payment will come from if his money is being counted in my repayment plan, right?
3. I also worry about our marriage lasting quite frankly. This debt was pretty much my fault, this way if we do divorce, I would guess the steps would be - divorce, sell house with Trustee approval, then I would have to modify my Ch. 13 right? Seems like if we filed together, it would be a lot messier to break up the Ch. 13, am I on the right track?
4. Would there be any upside to my husband filing with me?
Thanks, my brain hurts, can't believe we are in this position, I feel like such a failure. This forum is such great support, I feel like it's my support group – thank you all!
Comment