150 thousand dollars on credit card debt.
125 thousand dollars on student loan debt.
152 thousand dollars on mortgage (surrender)
22 thousand dollars on car loan (keeping it)
At the time i was earning 43K a year. I'm married but all the debt belongs to me. My wife is debt free but not working freshman college student. My attorney created a payment plan including the car. My payment plan now $1000 a month for 48 months. And trustee says they will monitor income. ( I believe they will request tax returns each year.)
I filed Chapter 13 in Western NY district on March 23. 341 Meeting was late because of attorneys family issues. June 7th. and then Plan confirmation is August 2nd. Over 7 months done already! 41 months left.
However right before the confirmation i got %19 income increase. I let the trustee know about this, and my attorney kicked me in the foot while doing it. But i still wanted to say it. Trustee didn't care at all. Even after the increase i'm still below IRS standards by 6 grand. Now I make 51K a year and IRS standards for NY shows 57K.
What hurts me the most is the student loans because payment to unsecured creditors will be %7. This is including the student loans. Student loan interest rate about %6.8 to %18 depending on the loan. Basically each year i will be in more debt.
After reading this website, it looks like i definitely qualified for a chapter 7 but my attorney said that because my CC debt was too high chapter 7 trustee would not approve it. I don't know how much is this true. Anyway, i wanted to see if i can convert to chapter 7 or should i stick to Chapter 13? If i ask for a conversion how much attorney should charge me? Any advice folks?
125 thousand dollars on student loan debt.
152 thousand dollars on mortgage (surrender)
22 thousand dollars on car loan (keeping it)
At the time i was earning 43K a year. I'm married but all the debt belongs to me. My wife is debt free but not working freshman college student. My attorney created a payment plan including the car. My payment plan now $1000 a month for 48 months. And trustee says they will monitor income. ( I believe they will request tax returns each year.)
I filed Chapter 13 in Western NY district on March 23. 341 Meeting was late because of attorneys family issues. June 7th. and then Plan confirmation is August 2nd. Over 7 months done already! 41 months left.
However right before the confirmation i got %19 income increase. I let the trustee know about this, and my attorney kicked me in the foot while doing it. But i still wanted to say it. Trustee didn't care at all. Even after the increase i'm still below IRS standards by 6 grand. Now I make 51K a year and IRS standards for NY shows 57K.
What hurts me the most is the student loans because payment to unsecured creditors will be %7. This is including the student loans. Student loan interest rate about %6.8 to %18 depending on the loan. Basically each year i will be in more debt.
After reading this website, it looks like i definitely qualified for a chapter 7 but my attorney said that because my CC debt was too high chapter 7 trustee would not approve it. I don't know how much is this true. Anyway, i wanted to see if i can convert to chapter 7 or should i stick to Chapter 13? If i ask for a conversion how much attorney should charge me? Any advice folks?
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