All along, I've assumed that I'd be in a Ch13. I've been spending alot of time reading and re-reading current and past posts to help better prepare myself for what I know to be in my future - BK. I'm starting to think that my situation could be filed as either Ch7 or Ch13, is this possible? I've listed some information and some questions below and hope that it's enough information to pull some accurate answers from the knowledgable folks here...Thanks in advance
Median: $7k OVER
Nat'l standards for food, clothing, other items $1,370
Directly under this, there's a listing for "bankruptcy allowable living expenses" which appear to be just the food and clothing totals $996, so which figure am I eligible to claim??
Health care expenses out of pocket costs $60 (under 65)
Is this figure per household member, per month (ie family of four $240 per month)? and if so, can I claim this automatically without having to prove with receipts that's what I actually spend?
Local Housing and Utility Standards $1,071
I have one mortgage, 5 years into 30, with payment being higher than the "standard". This doesn't include my utility expenses. Can I claim actual mortgage even though it's higher than the standard and also add on the actual 12 most recent month average expenses for my utilities?
Transportation Expense Standards operating costs of 2 m/v $470
ownership cost of 1 m/v loan $489
I've read that there's an additional $200 ownership cost that can be claimed if you have an older vehicle with high milage (like me) - true?
I also have significant daycare costs, this too can be claimed completely?
When I start with the figures above, leave out my actual utility expenses (as my mortgage already caps the standards there), leave out the $200 for older high milage m/v, add in my actual daycare costs, and don't do any kind of magical manipulation of the numbers, the end result is that these figures are HIGHER than my monthly NET INCOME.
I guess I'm asking if at this point I'd be a good candidate for Ch7, in addition to answers to the above questions....
As I've said in other posts, my debt is $100k+ unsecured credit cards built up over 15 or so years, the vast bulk of which was taken in large, larger, and largest Balance Transfers directly into my personal checking account. The last BT's were September 2008, however most of the last ones were June 2008. Up to now, I had excellent credit, monthly payments made on time always. I made my payments on these last BT's for minimum of 3 months beyond the transaction date, some alot longer than that. As of January, CC usage was stopped completely, as was payments.
One final question about Ch13 vs Ch7 - With regard the situation as I've briefly written, any arguement for or against Ch7 or Ch13 for my personal situation? Such as closer scrutiny in a Ch7 (ie prove where the money went)?
Median: $7k OVER
Nat'l standards for food, clothing, other items $1,370
Directly under this, there's a listing for "bankruptcy allowable living expenses" which appear to be just the food and clothing totals $996, so which figure am I eligible to claim??
Health care expenses out of pocket costs $60 (under 65)
Is this figure per household member, per month (ie family of four $240 per month)? and if so, can I claim this automatically without having to prove with receipts that's what I actually spend?
Local Housing and Utility Standards $1,071
I have one mortgage, 5 years into 30, with payment being higher than the "standard". This doesn't include my utility expenses. Can I claim actual mortgage even though it's higher than the standard and also add on the actual 12 most recent month average expenses for my utilities?
Transportation Expense Standards operating costs of 2 m/v $470
ownership cost of 1 m/v loan $489
I've read that there's an additional $200 ownership cost that can be claimed if you have an older vehicle with high milage (like me) - true?
I also have significant daycare costs, this too can be claimed completely?
When I start with the figures above, leave out my actual utility expenses (as my mortgage already caps the standards there), leave out the $200 for older high milage m/v, add in my actual daycare costs, and don't do any kind of magical manipulation of the numbers, the end result is that these figures are HIGHER than my monthly NET INCOME.
I guess I'm asking if at this point I'd be a good candidate for Ch7, in addition to answers to the above questions....
As I've said in other posts, my debt is $100k+ unsecured credit cards built up over 15 or so years, the vast bulk of which was taken in large, larger, and largest Balance Transfers directly into my personal checking account. The last BT's were September 2008, however most of the last ones were June 2008. Up to now, I had excellent credit, monthly payments made on time always. I made my payments on these last BT's for minimum of 3 months beyond the transaction date, some alot longer than that. As of January, CC usage was stopped completely, as was payments.
One final question about Ch13 vs Ch7 - With regard the situation as I've briefly written, any arguement for or against Ch7 or Ch13 for my personal situation? Such as closer scrutiny in a Ch7 (ie prove where the money went)?