stopped paying ...what to do with the money?

[mathom1]

Getting ready to file Chap 7. My atty told me to stop paying on the debt I'm planning on discharging.
CC 1 - $100
CC 2 - $250
Med - $65
1st Home loan - $1928.00
2nd Home equity -$428

My question is. Once I stop making the payments...I'll save $1500 for the atty fees but what do I do with the rest of the money each month?? I seriously doubt I can come up with $1271 worth of reasonable & necessary living expenses for that month and $2771 for each month after that. Can I pay extra on my car loans or school loans?

Thanks in advance for the advice..

[zscfan]

If you have that much money left over each month you have no choice but Chapter 13.

[gingerbug]

Stock up on stuff you use for a while. I believe they look at your income up to your file date, not afterwards. Did your attorney tell you if you qualify for the chapter 7?

[frogger]

Stock up on stuff you use for a while.

Toilet paper, soap, food, detergents, etc. Nothing wrong with being prepared.

[Flowers]

wow - I wish I'd had that "problem". Just kidding.
yeah like others said stock up on stuff.
And while you are at it, and other may or may not agree with me here - but convert some of the cash into gift cards (Walmart, Target, grocery stores, or even Amex gift certif.) to use later

[mathom1]

All,
Thanks for the advice. I only included the loans is was planning on discharging. After I pay mine and my wife's school loans ($1400) and the utilities, cars, HOA......I have $200 left for misc. Funny thing is, I can never find that $200 when something comes up and needs repaired or the kids need something else for school. Also, we are hearing rumors that a salary cut is headed our way ....thus the Chap 7. We've been watching our pennies and cutting coupons, so when we ge ready to stop payment on the house and CC ....It's going to be shell shock to actually have the $ in the account....weird.