So my husand and I consulted two attorneys who said that we are only eligilbe for a 13. My fear is that they won't give us enough money to live off of for the next 5 years. We also have four cards that we pay off for our parents becuase we've used those as well. The lawyer asked us if we were legally responsible and I said no. My fear is that they won't give us enough money in the budget to pay for their cards as well. We owe around $150,000 making $91,000 yrly on our debt alone. We also have xmas club, vacation club which is directly deposited into our credit union account (ende up having to use this money to make ends meet), will they stop this as well? We have no assets, no car payments, but I just want to start saving money and I'm nevous that it's another 5 yrs of no money. Nervous Nelly!
Starting Score:625
@Anonymous wrote:Being concerned about a Chapter 13 payment plan is a reasonable concern. What I would ask you is: Have you performed the means test calculations yourself?
The very first result (for me) when I Google search "means test calculator" was pretty helpful in my own bankruptcy planning. Do the test yourself and see how far away you are from a Chapter 7. If you haven't already, I would consider if the money you are spending on your parents credit cards could be considered as support, especially if they're disabled. Perform a means test calculation assuming it is support. Are you eligible now?
If so, talk to more attorneys.
Thanks leone19 for replying. We are so far from a chp 7 it's not even funny. Did the test and it confirmed it. Just afraid we would be left with nothing at the end of the month.
@Anonymous wrote:Definitley estimate your future expenses toward the maximum especially medical deductibles etc remembering the cost of living will change over 5years.
Do some research on allowable expenses for your family number and include everything you can.
Don't leave anything out. Don't be conservative.
I will do as you say amicus! Thanks so much for the reply.
@pizza1 wrote:
What Im concerned about is the payments you make on your parents CC's. They obviously aren't in your names, but the trustee will want to see everything, and where all your money is going. Thats a very tricky situation right there, because you have to included all debt, and you've racked up debt on your parents CC's.
Thats a tough one right there. Are those CC's paid off completely or are you still making payment? I don't think you can include your parents CC's into your debt since you personally aren't liable for it, and you don't want to get your parents CC shut down for your debt. This is a very tricky deal.
Does your attorneys know that the CC debt (your parents cards), isn't technically your CC??
Thanks for replying pizza1. All the cards (4) we're still paying on. If we can't include them, then we can't do chp 13. I'm not going to mess them up. First their our parents, and second, I won't let their kindness backfire on them. If they can't understand that, oh well. When we spoke with the attorney and he said that legally they weren't our debt. That was enough said for me.