I touched lightly on this before but now I have all the information infront of me. Just as usual I tried to get an answer from my Attorney last week, they did infact call my voice mail back tuesday, which I just noticed. And never tried to reach me since. I am hoping its a good sign, figured if this is going to disrupt my filing thats in 2 weeks they would of tried a little harder to get back to me?
Anyhow over the 6 month pay period I took out 3,050 from my sarsep. Unfortunatly this money went to make my 1300 minimum monthly payments to my creditors I am now filing against. I was trying to stay afloat before I tossed in the towel.
During my filing I never included this information, I was asked if I had an IRA and I thought the sarsep in my ignorance was different. Actually I was asked this quickly at the day of my filing. A few days later I was looking over my paperwork and noticed it and was like "!!!!!!".
I sent in a fax after hours to my Attorney telling them I had forgot and was hoping it didn't break my chances for Chapter 7.
(have not heard back from them yet)
If you divide that up over a 6 month period it comes out to 508 a month. I think my means test put me at only -35.00 a month. That would mean I have a net increase of 473. I am guessing that would sky rocket me over the means and into a Chapter 13.
Or does it? Like I said I got not urgent notification from them. And I got to thinking, how would a trustee approve a Chapter13 plan based on funds you took out that no longer exist? How could you keep up with a payback over 60 months when you really do not have that additional money. My Sarsep is drained now, and I used it to try and pay the minimums.
What do you guys think will happen at this point? Will I be forced into a impossible Chapter 13 using phantom money? Only to fail during the first month?
Or do they look at it this way and allow you to get around it?
Thanks for the help!
Anyhow over the 6 month pay period I took out 3,050 from my sarsep. Unfortunatly this money went to make my 1300 minimum monthly payments to my creditors I am now filing against. I was trying to stay afloat before I tossed in the towel.
During my filing I never included this information, I was asked if I had an IRA and I thought the sarsep in my ignorance was different. Actually I was asked this quickly at the day of my filing. A few days later I was looking over my paperwork and noticed it and was like "!!!!!!".
I sent in a fax after hours to my Attorney telling them I had forgot and was hoping it didn't break my chances for Chapter 7.
(have not heard back from them yet)
If you divide that up over a 6 month period it comes out to 508 a month. I think my means test put me at only -35.00 a month. That would mean I have a net increase of 473. I am guessing that would sky rocket me over the means and into a Chapter 13.
Or does it? Like I said I got not urgent notification from them. And I got to thinking, how would a trustee approve a Chapter13 plan based on funds you took out that no longer exist? How could you keep up with a payback over 60 months when you really do not have that additional money. My Sarsep is drained now, and I used it to try and pay the minimums.
What do you guys think will happen at this point? Will I be forced into a impossible Chapter 13 using phantom money? Only to fail during the first month?
Or do they look at it this way and allow you to get around it?
Thanks for the help!