For those who have went through chap 13.

[Shooting-For-800]

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.

[Anonymous]

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@Superk88 wrote:

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

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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.

[Superk88]

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.

[Anonymous]

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@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.

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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.

[BigTexMex]

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.

[Superk88]

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

[Superk88]

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

[Shooting-For-800]

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@Superk88 wrote:

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

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HUGE step.  Congrats!

Unsecured debt can be negotiated one at a time.

[Superk88]

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.

[Anonymous]

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?

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@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.

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