So I'm only a month behind on house but getting my plan in action and apartment hunting. I have verified I'm about 3000 below median 1 earner income for MI. Once I move I will be paying about 900/mo for an apartment. I'm thinking if I go Ch 13 is there a set amount I am allowed for rent deduction or does it always equal what you currently pay at time of filing? I'd hate to sign a lease I couldn't afford if I wasn't allowed the entire amount for rent each month before they took Ch 13 payment out. Hope that questions makes sense.
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For our chapter 13 (we ended up converting to a 7 ) the rent limit was set, not actual rent and it sucked. The amount they allowed was only about half the average rent for the area. -
Wow. Ok...well I guess worst case I could use my other exemption money such as that allowed for vehicle maintenance toward the rent and skip an oil change here and there. I guess I will also plan on saving more cash than originally planned for the move. I was told some attorneys tell their clients that before filing to make sure you expenses closely match your monthly income to reduce the amount of each repayment but it sounds like that's not how it works since they only allow so much for each exemption. I do know MI allows the choice of federal or state exemptions and I hear that the federal is better for most so that's good. Glad I found this site.Last edited by Rob517; 07-25-2009, 09:56 AM.Comment
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Rob-
Is there a particular reason why you're filing C13? If you're below the median, have you explored C7?*Filed: September 23, 2009 *341: November 4, 2009 *Discharged: January 4, 2010 *Closed: January 20, 2010
Hakuna Matata...it means NO WORRIES!
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Did you know that there are countries where people mostly pay cash for a house? When that occurs the prices do not run up. Wall Street thanks you for building their skyline.Discharged- pro se- chapter 7~!Comment
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That movie was just released. I don't think it is available for sale yet as it is still in the theaters. If you are looking to download it for free...that is illegal in this country and I am sure that this forum is not the place to get that info.
Just my $.o2......my advice.....wait a couple of months and go buy/rent it at your local video store.
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