A brief look at my circumstance:
I started going under about 3 years ago. My (ex) wife and I were in a house, and doing ok with both of our incomes, about 55k.
She had Social Security disability income, which covered the mortgage payment.
She got so bad that assisted living was needed. Man, do I remember those days of caring for her and trying to work full time. I did not do good at either task.
Of course, when she went, she needed her income elsewhere. I did not make sufficient salary to keep going , so I stopped paying on everything except utilities and car loans.
Eventually I began making more money. Today I could probably cover all expenses.
My two main problems now is the back amount on the mortgage, and a hefty tax bill brought on by losing a dependent and seriously under withholding wages.
I am strictly in ch 13 territory now, with only myself making over 55k.
I am giving the house back, because I am over 25k behind. I have attempted a modification many times, but they always want another down payment which i do not have.
I also am in to state and federal taxes about 8k.
Other than that, I have 2 credit cards that my ex was supposed to pay out of half my 401k that she got, and a bank loan. These 3 items add up to 6k.
There is also a 401k loan that will be paid off in December, a car loan of 215$ per month that will be done in November, and a truck loan of 120$ that has about 2 years left.
I have consulted with a lawyer, and he anticipates a 3 year plan of about 400$ per month.
This is the route I am pursuing, as I am 57 yrs old now.
I welcome any comments and suggestions about other ways of reasoning. I am still pretty raw over the marriage dissolution, and other things. It is hard for me to make good decisions.
Also, if I file this, and the payments on loans that will be paid in a few months are included in expenses, what happens to all that money I am paying out on them? Will my payment to the trustee be increased?
i
I started going under about 3 years ago. My (ex) wife and I were in a house, and doing ok with both of our incomes, about 55k.
She had Social Security disability income, which covered the mortgage payment.
She got so bad that assisted living was needed. Man, do I remember those days of caring for her and trying to work full time. I did not do good at either task.
Of course, when she went, she needed her income elsewhere. I did not make sufficient salary to keep going , so I stopped paying on everything except utilities and car loans.
Eventually I began making more money. Today I could probably cover all expenses.
My two main problems now is the back amount on the mortgage, and a hefty tax bill brought on by losing a dependent and seriously under withholding wages.
I am strictly in ch 13 territory now, with only myself making over 55k.
I am giving the house back, because I am over 25k behind. I have attempted a modification many times, but they always want another down payment which i do not have.
I also am in to state and federal taxes about 8k.
Other than that, I have 2 credit cards that my ex was supposed to pay out of half my 401k that she got, and a bank loan. These 3 items add up to 6k.
There is also a 401k loan that will be paid off in December, a car loan of 215$ per month that will be done in November, and a truck loan of 120$ that has about 2 years left.
I have consulted with a lawyer, and he anticipates a 3 year plan of about 400$ per month.
This is the route I am pursuing, as I am 57 yrs old now.
I welcome any comments and suggestions about other ways of reasoning. I am still pretty raw over the marriage dissolution, and other things. It is hard for me to make good decisions.
Also, if I file this, and the payments on loans that will be paid in a few months are included in expenses, what happens to all that money I am paying out on them? Will my payment to the trustee be increased?
i
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