Does this seem right?

[JillyBean]

So our lawyer reviewed our draft and sent back that she thinks it is better for us to wait until after Oct.1 to file. We had $380 left on the means test disposable income. If we wait till Oct 1. My bonus on my March paycheck will fall off and she said then we come up negative on the means test. Which she then said that means 0 payments to unsecured and we will only have to pay the value of our vehicles. Both are being paid inside the plan.
One was valued at $6500 the other at $6700. So we would only pay that amount stretched out over the 5 years? That doesn't seem so bad to me.
Does that seem right?

[AngelinaCatHub]

I think she has your best in mind. Save those payments you are not making now and put that into exempt stuff like food and essentials. 'Hub

[chloe0724]

Jilly,

it seems like you've got yourself a great attorney!! Take her advice and start fresh!!!

[liz417]

Sounds like you've got a good attorney who's looking out for your best interest!

Good Luck!

Keep us posted

[epiphany]

Makes perfect sense...follow her advice..you lucked out with a good attorney.

ep

[cool33097]

I think she knows what she is talking about and makes perfect sense. Its just 2 weeks way.

[BigJohn]

So our lawyer reviewed our draft and sent back that she thinks it is better for us to wait until after Oct.1 to file. We had $380 left on the means test disposable income. If we wait till Oct 1. My bonus on my March paycheck will fall off and she said then we come up negative on the means test. Which she then said that means 0 payments to unsecured and we will only have to pay the value of our vehicles. Both are being paid inside the plan.
One was valued at $6500 the other at $6700. So we would only pay that amount stretched out over the 5 years? That doesn't seem so bad to me.
Does that seem right?

How long have you had the cars?
Do you have a 1st and 2nd mortgage?

[JillyBean]

Yes,both a 1st and 2nd mortgage.
The one vehicle we have had for 4 years the other for 3.

[BigJohn]

I assume you are going to pay not what you owe on the car but what they are worth, is that right?

You said "one car is valued at $6500 and the other at $6700. So we would only pay that amount stretched out over the 5 years. If you are going to be paying less then what you owe, what interest did you get?

Now with your mortgage, is your house now worth less then the first mortgage? If it is, you can do lien stripping. Get the house to be appraised for less then the first mortgage and you have another savings.