really need help!!!

[okiemom2008]

We are filing soon. We are giving up our only personal car in the bk. It is due to be repo'd any day.

We have some cash we got from selling our business truck. We want to just go out and buy something for cash-no monthly payments.

But I have read on here that we cannot use that payment on our vehicle we are giving up 560 a month since we are discharging it.(sch j) So it will leave us with that much more disposable income.

We are right below the income on the means. We are letting the house go (700 a month) and the vehicle (560 a month). So total 1260 we cannot use

Should we go out and put cash down on financing a vehicle or are we ok buying one for cash?

Thanks!

[TEW]

how much disposable income are you ending up with?
If you pay cash for a new car it will need to fit into your vehicle exemption.

[okiemom2008]

how much disposable income are you ending up with?
If you pay cash for a new car it will need to fit into your vehicle exemption.

I am not sure how much disposable income. I have not figured out how to calculate it. If I cannot use my old mortgage ,me vehicle or any of my credit cards probably about 1500 disposable

Since I am going by Texas exemptions I think I will be ok exempting one vehicle. There exemptiosn are not really clear.

[JoeBankrupt33]

You will have a rent payment, right? That should be an expense in Schedule J.

When I filed in TX a long time ago, I used the Federal exemptions since I didn't need the unlimited homestead exemption in TX. If you are not using the federal homestead exemption, you can exempt $11,200 as a wild card, which would cover cash.

If you have no cash, you can exempt a lot more expensive vehicle using the TX exemptions.

[okiemom2008]

You will have a rent payment, right? That should be an expense in Schedule J.

When I filed in TX a long time ago, I used the Federal exemptions since I didn't need the unlimited homestead exemption in TX. If you are not using the federal homestead exemption, you can exempt $11,200 as a wild card, which would cover cash.

If you have no cash, you can exempt a lot more expensive vehicle using the TX exemptions.

Yes but the rent payment is nothing near what the mortgage and vehicle add up to be. And we wont have a vehicle payment. It does not make sense to me becasue if they push us into a 13 we obviously wont have enough income to even pay 25% of the debt. It seems like they would count the things you are discharging because if you cannot discharge them you still have to pay./

[freshstartfl]

CAN someone who is under the median income be forced into a 13?

[StartingOver08]

Maybe, and it sounds like the OP is headed that way with all the disposable income she is talking about!

Okiemom2008, maybe you can file with keeping the car and the house and then during the 60 day period, once you try to renegotiate with your lenders, change your motion to surrender if they will not work with you on a payment that you can afford.

I did that with my two cars. Both were originally on the petition for a reaffirmation. I was able to get one of the lenders to reduce the payment but the other did not so I surrendered it. Had to file a motion toward the end to surrender. Something to discuss with your attorney.

[okiemom2008]

CAN someone who is under the median income be forced into a 13?

I did not think so. With the IRS standards on living expenses we would not have any disposable income. But we try to save every dime we make so we do not go out and spend the 50 a month on enetertainment the IRS allows. Not sure if that matters

[StartingOver08]

I am not sure how much disposable income. I have not figured out how to calculate it. If I cannot use my old mortgage ,me vehicle or any of my credit cards probably about 1500 disposable

Since I am going by Texas exemptions I think I will be ok exempting one vehicle. There exemptiosn are not really clear.

I found a link to the Texas exemptions that seems to be written clearly. See if this helps you at all:

http://www.dallas-bankruptcy.com/bankruptcy_exemptions.htm

Here is another link for Texas exemptions too for you (see which one is easier to understand)

http://www.bankruptcyinformation.com/TX_exemp.htm

[okiemom2008]

I found a link to the Texas exemptions that seems to be written clearly. See if this helps you at all:

http://www.dallas-bankruptcy.com/bankruptcy_exemptions.htm

Here is another link for Texas exemptions too for you (see which one is easier to understand)

http://www.bankruptcyinformation.com/TX_exemp.htm

Thanks for that link! That is pretty clear....So basically we can exempt up to 60k as long as it is no more than 2 vehicles and so on.



Does anyone know the maximum contribution amounts>