Here's my situation:
1. Currently renting from a good friend in State #1 - Working in State #1 because transferred years ago and did not sell second home below (#2)
2. Have a second home State #2
3. Have another property - no mortgage - just land
4. $45k unsecured debt
5. Mortgage on #2 above $298k
6. Have a full time and part time job
7. Enough to pay the mortgage on #2 above and most of my credit cards/personal loans, however scrimping by for car expenses, food - yeh lots of Top Ramen noodles and macaroni - well not that bad but close to it.
8. Contemplating filing for BK-13 --Atty I consulted with said since I want to keep both properties out of state, I would have to be in a 100% plan.
OK here's the question:
After taking the official "Means Test" what if it shows that I can pay my creditors over 60 months for just $100.00/month?
If I do the math correctly, 100 x 60 months = $6,000 or 13 percent of the outstanding credit card debt owed (45k).
1. Will the judge approve a 13 percent plan? or
2. Will the judge force me into a Chapter 7?? (I'm confused because I do have the income to pay and maybe the mortgage can be modified to lower my montly payment to them, thus freeing up more cash for the unsecured debt.) But if I DON'T PASS THE MEANS TEST FOR A CHAPTER 7, how can I pay into a Ch 13 if for arguments sake I only have $100 a month left for the plan?
***Your experiences, thoughts and comments are always appreciated. I've learned so much from all of you.
1. Currently renting from a good friend in State #1 - Working in State #1 because transferred years ago and did not sell second home below (#2)
2. Have a second home State #2
3. Have another property - no mortgage - just land
4. $45k unsecured debt
5. Mortgage on #2 above $298k
6. Have a full time and part time job
7. Enough to pay the mortgage on #2 above and most of my credit cards/personal loans, however scrimping by for car expenses, food - yeh lots of Top Ramen noodles and macaroni - well not that bad but close to it.
8. Contemplating filing for BK-13 --Atty I consulted with said since I want to keep both properties out of state, I would have to be in a 100% plan.
OK here's the question:
After taking the official "Means Test" what if it shows that I can pay my creditors over 60 months for just $100.00/month?
If I do the math correctly, 100 x 60 months = $6,000 or 13 percent of the outstanding credit card debt owed (45k).
1. Will the judge approve a 13 percent plan? or
2. Will the judge force me into a Chapter 7?? (I'm confused because I do have the income to pay and maybe the mortgage can be modified to lower my montly payment to them, thus freeing up more cash for the unsecured debt.) But if I DON'T PASS THE MEANS TEST FOR A CHAPTER 7, how can I pay into a Ch 13 if for arguments sake I only have $100 a month left for the plan?
***Your experiences, thoughts and comments are always appreciated. I've learned so much from all of you.
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