topic Re: For those who have went through chap 13. in Bankruptcy

For those who have went through chap 13.

Superk88 — Mon, 01 Jul 2019 20:32:49 GMT

I know everyones payment is gonna be different based on the amount of debt that you have. My question is did they give you enough left over each month to live? I have done met with an attorney but I'm afraid I won't have anything left over. He is thinking $1000 a month. I have 95k total debt. 70k secured in vehicles that I will surrender and 25k in un-secured.

I only bring home about 700 a week. I also have to figure out what to do for transportation.

So those of you that have done it how much did you pay, and how much did you have leftover.

Re: For those who have went through chap 13.

Shooting-For-800 — Mon, 01 Jul 2019 20:44:32 GMT

Find another attorney.

Chapter 13 allows you to keep transportation and just about anything that is not of unreasonable value. Why would you surrender all vehicles?

Why cant you qualify for Chapter 7?

Do you own your home?

How many cars do you have?

What is your gross income?

What state?

You should be able to live modestly with normal transportation, a decent place to live, groceries, cell phone, clothes, medical insurance, medicine, child care, etc and still qualify for Chapter 13.

At 3000 per month after taxes, you should be able to keep at least 2000 with a decent attorney.

If you do not own a home and have to give up all vehicles and most of your income...YOU SHOULD NOT FILE CHAPTER 13.

You could negotiate balances as lawsuits get filed and pay $1000 per month or less per month and be debt free in 2 or 3 years on your own.

Most credit cards will take 20%-60% of the balance without BK or credit counseling especially if you have been written off.

Re: For those who have went through chap 13.

Superk88 — Mon, 01 Jul 2019 20:52:55 GMT

I already did Chapter 7 4 years ago.

I do not own a home we rent.

1 truck and 2 motorcycles. He suggested trading one of the bikes in on something cheaper because my truck payment $680 is too high.

Gross income is 4kish

Florida.

Re: For those who have went through chap 13.

Shooting-For-800 — Mon, 01 Jul 2019 21:23:17 GMT

@Superk88 wrote:
I already did Chapter 7 4 years ago.
I do not own a home we rent.
1 truck and 2 motorcycles. He suggested trading one of the bikes in on something cheaper because my truck payment $680 is too high.
Gross income is 4kish
Florida.

Truck payment is too high for who?

What do you owe?

Kelly Blue Back Trade In Value?

Motorcycles

What do you owe?

What are they worth?

Who is WE?

Spouse? How much does she make?

Re: For those who have went through chap 13.

Anonymous — Mon, 01 Jul 2019 21:34:16 GMT

I am just about complete with my CH13 (simply waiting for judge to sign off on discharge).

Your payment should be based on your disposable income AFTER coverage for your basic expenses (rent, car, household,etc.). In our case, we paid our mortgage outside of the plan (lawyer negotiated a loan modification) but paid approximately 9% of our total debt back thru our trustee payment. At first, it was tight but manageable on one salary. We had to make a few lifestyle modifications (cut back on eating out, no credit purchases, etc.) but we quickly got used to it and it wasn't super burdensome as long as you stick to a budget.

Re: For those who have went through chap 13.

Superk88 — Tue, 02 Jul 2019 11:49:31 GMT

Too high for me. My truck payment is $780

I owe 44k

Kelly trade value is $33000

Bike are yamaha raider and ducati

Raider owe 13k

worth 7k

ducati owe 11.4k

worht 8.5k

Fiance is We. She is military she covers the rent. Not much left to go around after that.

Re: For those who have went through chap 13.

Shooting-For-800 — Tue, 02 Jul 2019 15:07:03 GMT

Seems odd to me to give up your truck in a Chapter 13.

You can use the truck payment as part of your expenses.

The more extra money you have each month, the more the trustee will take to pay your debts.

Re: For those who have went through chap 13.

Superk88 — Tue, 02 Jul 2019 19:43:50 GMT

There telling me a $700 truck payment isn't affordable.

Re: For those who have went through chap 13.

Shooting-For-800 — Tue, 02 Jul 2019 20:00:21 GMT

How much are you going to have to pay the court each month according to your attorney?

Re: For those who have went through chap 13.

Superk88 — Tue, 02 Jul 2019 20:02:05 GMT

According to my attorney if I surrender everything he projects $700 to $900 for 3 years.

Re: For those who have went through chap 13.

Shooting-For-800 — Tue, 02 Jul 2019 20:21:03 GMT

You owe around $45k right now.

Your attorney is saying you will pay up to $33k total.

Did he budget for a new car?

Did he include your fiance's income?

Probably a good idea to trade in the motorcycle on a $5k-$15k car.

I would think $500 per month for car would be acceptable.

I would fight to keep the truck if it was not so far underwater, but it is.

Re: For those who have went through chap 13.

Anonymous — Tue, 02 Jul 2019 20:23:52 GMT

@Superk88 wrote:
According to my attorney if I surrender everything he projects $700 to $900 for 3 years.

If I'm following you correctly, you currently pay 1/4 of your monthly salary for the truck? Your lawyer is proposing that you sell or surrender the truck and essentially use that same payment ($700+) towards your trustee payment? I'm sure that he's also suggesting you get a "cash" car (aka one you can pay for without financing).

So, if you set aside bankruptcy, what prevents you from selling the truck on your own and downsizing your car/truck to something you can pay cash for to use while you work out payments for the other debt? It might be cheaper in the long run.

Re: For those who have went through chap 13.

Superk88 — Tue, 02 Jul 2019 21:03:46 GMT

Yes, he is wanting me to surrender the truck and find some sort of other transportation.

His idea is to take the bike that I owe the least on and trade it for a vehicle and try to obtain a vehicle loan for around $300 or less a month if I can't pay cash for one.

I can't sell the truck on my own because I am upside down on it. I can't get a debt consolidation loan or any other loan to pay the negativ eon the truck because of my debt to income.

Re: For those who have went through chap 13.

Anonymous — Tue, 02 Jul 2019 22:12:09 GMT

@Superk88 wrote:
Yes, he is wanting me to surrender the truck and find some sort of other transportation.

His idea is to take the bike that I owe the least on and trade it for a vehicle and try to obtain a vehicle loan for around $300 or less a month if I can't pay cash for one.

I can't sell the truck on my own because I am upside down on it. I can't get a debt consolidation loan or any other loan to pay the negativ eon the truck because of my debt to income.

Based on the details you've provided, that might be the best option.

We entered Ch13 with two, older paid off cars, 12 and 6 years old. 5 years later, both cars are ready for replacement. Practically, you should get the cheapest car you can find that has at least 4-5 years life left on it. Plan for maintenance in your budget to ensure you are prepared for any issues. While you can pursue emergency replacement during a Ch13, you will have to petition your trustee and discuss with lawyer BEFORE approval during an open, active Ch13.

Re: For those who have went through chap 13.

BigTexMex — Thu, 04 Jul 2019 14:39:00 GMT

First off to state the obvious, with you filing a Ch7 4 yrs ago and now contemplating a Ch13 your credit score is gonna be one where you’re probly not gonna be able to get anything decent at a decent interest rate for the next 13 yrs. I’m currently in a Ch 13 that I entered in Sept 18. 2 car loans, IRS, and CC debt totaling over 130K. My attorney was able to get a 5 yr, $1500 mo plan for me which included all of the above for a $90K payback total. I believe when it comes to vehicles you pay what the vehicle is worth not what you owe when you reaffirm them.(was in my case). Which is why I kept them, they were worth what I owed because of the low interest rate I bought them at when I had superd credit. Under a Ch13 you will be under a very tight watchful eye from the trustee and court for the duration of the plan, meaning everything financially has to get approved thru them (new car, cc applications, raises, income tax refunds etc....). But to answer your question I do have enough monthly to live comfortably and put money in savings, because when I get my paycheck every Thursday the money is deducted from it and what’s left is all mine. Good luck.

Re: For those who have went through chap 13.

Superk88 — Tue, 09 Jul 2019 17:01:05 GMT

So I met with another attorney and his advise in my situation was to not file, let some of the cards charge off if I need to and negotiate once they charge off

Re: For those who have went through chap 13.

Superk88 — Fri, 26 Jul 2019 17:36:30 GMT

Just an update..no progress on un-secured, but I sold MY DUCATI!!! 11,485K DEBT GONE!

Re: For those who have went through chap 13.

Shooting-For-800 — Fri, 26 Jul 2019 22:58:31 GMT

@Superk88 wrote:
Just an update..no progress on un-secured, but I sold MY DUCATI!!! 11,485K DEBT GONE!

HUGE step. Congrats!

Unsecured debt can be negotiated one at a time.

Re: For those who have went through chap 13.

Superk88 — Mon, 29 Jul 2019 19:07:04 GMT

So it normal to see a rise in credit score as loans are charged off? Not looking to finance anything just wanna get a house one day.

I am also trying to find someway to increase my income...bringing home 700 a week aint cutting it.

Re: For those who have went through chap 13.

Anonymous — Mon, 29 Jul 2019 22:25:49 GMT

since you're almost done with your ch 13, did you have to go to another hearing? or what happens towards the end of the ch 13?

@Anonymous wrote:
I am just about complete with my CH13 (simply waiting for judge to sign off on discharge).

Your payment should be based on your disposable income AFTER coverage for your basic expenses (rent, car, household,etc.). In our case, we paid our mortgage outside of the plan (lawyer negotiated a loan modification) but paid approximately 9% of our total debt back thru our trustee payment. At first, it was tight but manageable on one salary. We had to make a few lifestyle modifications (cut back on eating out, no credit purchases, etc.) but we quickly got used to it and it wasn't super burdensome as long as you stick to a budget.