Chapt. 13 question???

[sinkingship]

In a 13 based on your experieance, will they pretty much suck all the money out of you monthly, or will you have room to breathe also my daughter is in dance class's witch typically run about $197 per month with the exception of costume and competition fees, would we be able to keep here in that? BTW we live in michigan.
Thanks

[busbis]

we were able to budget for our kids sports which ran about $150 per month, however we are at 100% plan and our atty didn't think that would be a problem. We will see, we have our meeting on Jan 8th.

[lrprn]

In a 13 based on your experieance, will they pretty much suck all the money out of you monthly, or will you have room to breathe also my daughter is in dance class's witch typically run about $197 per month with the exception of costume and competition fees, would we be able to keep here in that? BTW we live in michigan.

Your lawyer writing a good Ch 13 plan that you can live on for five years is more an art than a science.

The key to a surviveable Ch 13 starts with retaining a very good bk lawyer who is very familiar with Ch 13 since 2005 and knows the customs of the Ch 13 trustees and judges in your state very well.

Depending on your trustee's customs, it's likely that you won't be able to list your daughter's dance lessons as an expense - these are a luxury, not a necessity. But it's also possible to reasonably increase other expenses where you are below the norm in your community to add up to that much extra a month in your plan. What you do with the little extra you have in your monthly budget is up to you.

[stljohn]

Like LPRN said its all in Conselor's artistic capability.

I had an outstanding one, somehow he gave me a lot of space to live. Initially I had doubts cause he seemed so over-loaded but he handles them all himself no dumping on some clerk and he did a great job for me.

[MajorMike]

But what's left over in some cases is NOT up to me. If I want to pay on my student loans with the extra money, fortunately my trustee will let me but many others will have to put that loan in forebearance until they are complete with their 13. You will be able to have some extra if you have a good atty who will do your schedules correctly and if you can find a job on the side like selling on ebay or mystery shopping that will give you some extra, I would do that!

[qwertysue]

You will be able to have some extra if you have a good atty who will do your schedules correctly and if you can find a job on the side like selling on ebay or mystery shopping that will give you some extra, I would do that!

Please be careful with the side jobs. Most Mystery Shopping firms consider you a contract employee and then you will have to deal with the 1099 issue.

[MajorMike]

Please be careful with the side jobs. Most Mystery Shopping firms consider you a contract employee and then you will have to deal with the 1099 issue.

Only if you make $600 or more a year with each one.

[lrprn]

But what's left over in some cases is NOT up to me. If I want to pay on my student loans with the extra money, fortunately my trustee will let me but many others will have to put that loan in forebearance until they are complete with their 13.!

Our ParentPlus student loans were moved to ECMC after we filed. ECMC is accepting whatever payments we send whenever we can send them even though these payments are not included in our Ch 13 plan.

Talk to your lender or whoever is handling your student loans while you're in bankruptcy to see if you can do the same.

[chpxiii]

Our ParentPlus student loans were moved to ECMC after we filed. ECMC is accepting whatever payments we send whenever we can send them even though these payments are not included in our Ch 13 plan.

Talk to your lender or whoever is handling your student loans while you're in bankruptcy to see if you can do the same.

lrprn, were you loans through Sallie Mae?

I had my student loans through Sallie Mae. All of a sudden I see "ECMC" on 13Datacenter.com and on my credit reports. I have pretty much surmised that those were my student loans. My loans went into automatic forebearance when I went into 13.

I'm done with my 13 now and I know I will have to call Sallie Mae and get my student loan payments started again. I made no payments this whole time (for a good portion of the time while in chapter 13 I just didn't have the money) so all of this interest has been accruing.

Who is ECMC? Are they the people I need to call instead of Sallie Mae?

[lrprn]

lrprn, were you loans through Sallie Mae?

No, ours were through American Education Services (AES).

Who is ECMC? Are they the people I need to call instead of Sallie Mae?

ECMC = Educational Credit Management Corporation. Here's a link on their website that explains what they do - https://www.ecmc.org/main/about_us.html ,

Often student loan lenders will transfer your loans to ECMC for the duration of your bankruptcy to administer your loan. They are known to be very tough resisting debtor cases who try to prove undue hardship so their student loans are discharged in bankruptcy - http://www.nchelp.org/elibrary/index.cfm?parent=1050 and http://www.************************/...%99s-clothing/

You will want to contact ECMC first when your bk is discharged. Sallie Mae may take your loans back for their administration once your bankruptcy is over, but until if/when that happens, ECMC is the "owner" of your loans.