Just realized we are over unsecured debt limts

[cyn5]

I'm not sure if there agreement on using your 2nd home in your means test numbers. Especially if you're letting it go. I hope you are not counting on that deduction keeping you in the Chapter 7. At 140K you are really going to have to justify your expenses to qualify for the 7. the trustee could pay hardball and not allow any student loan payments to be used for expenses.

In a chapter 11 bk you are the trustee. You set up your own payment plan and the judge approves it. It is expensive and not many attorneys do them but in the grand scheme of things it's much easier to complete than a Chapter 13.

If we can't use 2nd property on means test, I didn't think you could use student loans at all on the means test since they are listed on sched J as unsecured, non-priorty debt (which is a complete joke because they are non-discharable and they threaten you with wage garnishment/liens etc). In bk it is like student loans do not exist at all, but in fact they overtake your life.

I have read that ch 11's can cost between 20-50k. There is no way we can afford that. So, in Ch 11 you are your own trustee? You don't have to go in and submit your proposed plan to a trustee, just the judge? I am wondering how doing this type of bk would impact your repayment of student loans especially if they are not dischargable. It is like we may be caught in the middle...can't file ch 7 or ch 13 and ch 11 is too expensive. Guess I will move to Canada:-)

[catleg]

I have a similar situation, wife and I have well over 336.9k of unsecured debt.

My thought, and HHM mentioned this once as well, is to file two separate cases so that each of us can use the 336.9k. I'm not sure how the means test/DMI calculation is going to work since we would each have to use the others income as household income...I guess you have to make sure the disposable comes out zero or close to it to avoid paying twice?

Still in the pre-BK stage though. Letting some of the stinky stuff age a little.