Hi everyone,
Quick rundown of situation:
Chapter 13 filed in March.
$280K in credit card debt.
$150K in personal loan debt.
All unsecured.
May 22nd is the deadline for creditors to file claims.
Income $125K/year. Separated. Own a home and equity is canceled out under exemption.
When I expressed my huge concern about my unsecured debt exceeding the $419K unsecured debt limit for a Chapter 13 filing, my attorney said that “Never do all the creditors file a claim, I have never seen it in at least 10 years, so you should come under the limit as long as 1 creditor doesn’t file.”
Most creditors are $15K-$30K owed, so he’s correct that if one doesn’t file and the rest do, I will fall below the $419K limit.
Now, is there any truth the the above statement? I have about 17 creditors. I have been checking PACER daily and I see there are $337K of claims thus far, $28K of which doesn’t count because of a car lease, but they filed a claim anyway even though I’m assuming the lease.
What can I possibly do if all the creditors file for a claim and I’m over the Chapter 13 limit, but don’t qualify for a Chapter 7?
I am a nervous wreck and considering suicide at this point. Honestly have no other option unless I leave the country.
Also, I have already made 2 payments to the trustee before the plan has even been confirmed; which is sometime in June.
Please please please, I GREATLY appreciate any advice here.
Thank you all and stay safe.
Quick rundown of situation:
Chapter 13 filed in March.
$280K in credit card debt.
$150K in personal loan debt.
All unsecured.
May 22nd is the deadline for creditors to file claims.
Income $125K/year. Separated. Own a home and equity is canceled out under exemption.
When I expressed my huge concern about my unsecured debt exceeding the $419K unsecured debt limit for a Chapter 13 filing, my attorney said that “Never do all the creditors file a claim, I have never seen it in at least 10 years, so you should come under the limit as long as 1 creditor doesn’t file.”
Most creditors are $15K-$30K owed, so he’s correct that if one doesn’t file and the rest do, I will fall below the $419K limit.
Now, is there any truth the the above statement? I have about 17 creditors. I have been checking PACER daily and I see there are $337K of claims thus far, $28K of which doesn’t count because of a car lease, but they filed a claim anyway even though I’m assuming the lease.
What can I possibly do if all the creditors file for a claim and I’m over the Chapter 13 limit, but don’t qualify for a Chapter 7?
I am a nervous wreck and considering suicide at this point. Honestly have no other option unless I leave the country.
Also, I have already made 2 payments to the trustee before the plan has even been confirmed; which is sometime in June.
Please please please, I GREATLY appreciate any advice here.
Thank you all and stay safe.
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