when is disposeable income?

[suzyqpug]

When i figure out my expenses without my credit cards i come up short 600.00 a month. Will i still be able to file for chapter 13.

See my mortgage is 2375.00 and i have an equity thats 846.00 the two of them are high and one of my checks does not cover that payment so i need to use money from the next paycheck. So paying everything (just the necessary things) I come up short. Will they let me do a chapter 13? BI QUESTION.... Will they include my equity loan in the chapter 13 payment pla? The equity loan is due to charge cards..

[Minnymouth]

Bad mistake taking out a equity loan to pay cc....... Now they are secured debts.

You cannot do a chapter 13 unless you are current on all payments such as auto, home, etc...... and you have disposable income to pay the creditors a certain amount.

Have you talked to an attorney about your situation and options that are open to you???

[woeisme]

Actually, I think you can file 13 with morgage, cars, etc in arrears (but not CH 7 if you want to keep the items) and then you can make up the missed payments during the course of the 13. However, if you can't make payments, how can you file 13? You can't. And 600 a month to the negative just won't work, you must find a way to at least make your expenses equal your income or even filing CH 7 won't help except for the very short term. Sounds like you just can't afford your house, have you considered letting it go and downsizing to something you can afford? If you took out a home equity loan that is 846, I doubt you have much equity left to protect, especially in today's market. You need to seriously consider surrendering the house. I've heard of lein stripping, where you might be able to get the equity loan stripped off (don't know nothing about it, you'll need to look at other postings) but I think that only works if you owe more than the home is worth, and still you'd still only have $246 a month over your basic expenses, is that enough to fund your secured creditors in a CH 13?

[Minnymouth]

Woesme is correct about being current on payments in Chapter 7. It is Chapter 13 that you can be in arrears and still keep your assets....they become part of the payment plan.

Don't KNOW what I was thinking when I keyed THAT IN......... GOSH.............. year end reports are making me "BRAIN DEAD AGAIN"........

SORRY................ will do better, will try to "think" before I "key" this time of year...........

In Chapter 13 you HAVE TO HAVE disposable income to be able to pay the creditors a % of what they are owed. The Court will determine the % you will pay...