topic Re: Chapter 13 question please help!! in Bankruptcy

Chapter 13 question please help!!

Anonymous — Wed, 01 Jun 2016 17:14:38 GMT

So I'm 4 months into my chapter 13 with a 36 month plan. Before I filed I was on deployment where my ex wife ran my credit cards up to around 65k total. I used about 15k I earned on deployment to try and pay some of it down but with my income I couldn't keep paying the bills. My question is with another deployment coming up to the Middle East and I'm projected to make enough to pay off all of the debt but how would that work with my plan that isn't 100%? Would my case get dismissed? I really want to try and buy a house a year into my plan and a dismissal would put me 2 years back. Please answer!

Re: Chapter 13 question please help!!

Anonymous — Wed, 01 Jun 2016 18:10:46 GMT

They will not allow you to pay the full amount in full. You will have to go through the whole 36 months of payment you've set up with the Trustee and your attorney. Buying a house while in BK13 is not possible. No banks will approved you at all. Keep paying the monthly payments and good luck!

Re: Chapter 13 question please help!!

Anonymous — Wed, 01 Jun 2016 18:24:08 GMT

It is possible. 12 on time payments to the trustee and I can get either a VA or an FHA loan with trustee approval

Re: Chapter 13 question please help!!

mynameainttracy — Wed, 01 Jun 2016 21:45:01 GMT

You can get a payoff amount from the trustee. We were told at our 341 to be very serious if asking because it required extra work from his office to accommodate a request.

Re: Chapter 13 question please help!!

Anonymous — Wed, 01 Jun 2016 21:52:32 GMT

Will that dismiss the case though? I know with a dismissed chapter 13 you have to wait 2 years before you can get a home loan. It's 12 months of on time payments to the trustee during the plan when I can ask the trustee to buy a home

Re: Chapter 13 question please help!!

Anonymous — Thu, 02 Jun 2016 05:39:37 GMT

@Anonymous wrote:

So I'm 4 months into my chapter 13 with a 36 month plan. Before I filed I was on deployment where my ex wife ran my credit cards up to around 65k total. I used about 15k I earned on deployment to try and pay some of it down but with my income I couldn't keep paying the bills. My question is with another deployment coming up to the Middle East and I'm projected to make enough to pay off all of the debt but how would that work with my plan that isn't 100%? Would my case get dismissed? I really want to try and buy a house a year into my plan and a dismissal would put me 2 years back. Please answer!

Based upon my understanding of what you posted, you have a 36 month payment program in order to have all of your debts discharged under Chapter 13.

Usually, a payment program is a % of the total, but can also be the total amount of debt. If you want to depart the Ch 13 in a positive manner by making a pay-off amount, my understanding is that you pay the Total Debt Owed, not the % program.

Also, I do NOT believe that you want a Dismissed 13, that is completely different, and not consistent with my understanding of your goals.

* You are thinking like I did, What If? When Can I? but it doesn't really work that way. It is either the agreed upon term of payments, or total Debts Owed.

If the option is completing a 36 month program, while you save money on the side, that is a great deal. While it doesn't meet with your desired expedited timeline, many other people would find it very attractive.

I know you don't want to hear this, but try to be patient, a bit. ! ! !