My attempt at a Ch7 begins now - here's the details- follow along

[jupitert]

Heres is my financial situation:

INCOME NET MONTHLY
HUSBAND 4,667
WIFE 2,981
TOTAL 7,648

DEBT EXPENSES
1st Mortgage $164,000, valued at 150,000 Pmt $1400
2nd Mortgage $95,000 pmt $400
3rd Mortgage $35,000 pmt $150
(Long story short, we owe $300,000 on a house worth 1/2 that)

CC Debt $35,000 @ pmt $700

MISC EXP
TYPE MONTHLY $
CABLE/INTERNET 175
ELECTRIC 300
CELL PHONES 200
WATER 150
HOA FEES 67
INSURANCE 140
DAYCARE 438
STUDENT LOAN 280
STUDENT LOAN 235
FOOD 867
TOTAL 2,851

Other expenses include: Gas, medical, tolls, kids sports and misc exp, clothes, gifts, misc unforseen life expenses, etc....

After all is paid, we are constantly falling behind.

We are a family of four. We live in FL, and the income for household of four is $69,000 for purposes of the means test. WE FAIL MISERABLY!

However, I have met with 2 lawyers and both seem to think there is a good chance that I can get into a CH7. My wife and I prefer a 7 over 13;we plan on giving up the house and cars. We'd like a very fresh start.

Initially I did not think we would ever qualify for a 7, but these attorneys have me thinking there is a chance. I am retaining an attorney on Thursday, and beginning the paperwork.

I will update my progress on this thread, as I hope it will benefit others in my situation.

I also would like to hear past experiences of others who were in a situation similar to mine. Especially because my lawyer says the way you pass the means test is to "massage" the numbers, so I'd be very interested to know if during your case there were any exceptional matters or numbers that were massaged that made the difference between a 7 or 13.

[kudumaned]

Hello, welcome aboard, i dont see any vehicle expenses listed either secured debt-payments on cars or gas, maintenance, etc. Have you taken the online means test? Good luck.

[albacore44]

Sounds like your attorney knows what he is doing, and what is acceptable expenses to keep the UST happy for your district

[jupitert]

Ooops, i forget to list the auto expenses. They are a major part of our expenses.

We have 2:
1- owe $39,000, value $24,000, pmt $835
2- owe $15,000, value $10,000, pmt $ 295

Ive been stressing this whole scenario day and night. I never thought with our combined gross yearly income of $112,000, or $125,000 if I hit bonus, that a Ch 7 was possible.

The first attorney I met with said she has filed 7's for Dr's and lawyers who make much more money. I know it has alot to do with expenses, so I am hoping for the best.