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Filing This Week......Terrified of the Uncertainty

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  • Filing This Week......Terrified of the Uncertainty

    Greetings All.

    I have been reading these forums and have learned so much. Thank you everyone.

    We are here in California and the main reason we are filing is that because of a past period of unemployment we got way behind on our mortgage. ($40k roughly as OCWEN wouldn't let us make a partial payment). We tried another avenue that didn't end up working and we waited too long for a loan mod. They are working on it now but OCWEN is notorious for stringing it out and then taking the home. (Sale Date 2/13) We have a call with them tomorrow, and if not approved we are meeting with a well recommended atty on Wednesday. We have a child with autism who attends school literally next door and don't want to disrupt his life, and there is a bit of equity so saving the home is a necessity. Our credit card debt is not crazy ($15-20k) Here's the basics:

    Wife and I net $7800 p mth
    15k Credit Card Debt
    $2300 Mortgage Payment
    $40k in arrears
    2 kids who are active in sports
    I work in sales and have to travel and entertain
    2 older cars with no loan payments but hanging on by a thread.
    About $2k in repairs needed desperately around the house.

    Here are some questions, any advice is appreciated:

    1. I have a mother, active but elderly who has a somewhat large savings account that she has my name and her sister's name on in case something happens to her, but it is most definitely not my money. Is that a problem and should I have her take my name off of it?

    2. I understand I will need to surrender my credit cards. Is it OK to be simply an authorized user on a relative's card that I have no responsibility for simply to use for travel and expenses that I am reimbursed bi-weekly?

    3. We have 2 cars that are 13 and 10 years old respectively with high miles. There is no way they will make it through 5 years. Thoughts?

    4. I am expecting a somewhat large bonus from last year at work ($9k roughly after taxes). Is there a way to save some of this for a rainy day fund? is it a bad idea to put some of it towards a newer car (No loan) right as we are filing?

    5. I am guessing based on what the paralegal said our payment will be roughly $3500-$4000 p month. We have worked on a budget, and it is honestly more than many people live on so we are somewhat blessed. My worry is of course the kids and affecting their lifestyle. My daughter is passionate about basketball we spend $200-$300 p month between travel and training. It's her dream, and I haven't slept in months worrying about my stupidity. How have people dealt with this?

    6. I imagine we'll be paying 100% of the unsecured debt. Does that mean as we receive raises and other we'll be able to keep them?

    7. We have a couple of elderly and sick family and friends who have mentioned we are in their will. As much as I pray this doesn't happen, can we pay off the trustee early if it does?

    8. In California I believe it is illegal to check credit when applying for a non-financial job. We are both looking to make a change in the near future if possible. Is this the case as far as you know?

    9. Any other advice, especially in advance of our meeting Wednesday would be so appreciated.

    Thank you so much for your help.

  • #2
    Sorry, one last question.

    1. I've read that some people have the trustee payment come directly from their paychecks. Is that an absolute, as I'd really rather not have our employers be aware of the current situation?

    Thanks

    Comment


    • #3
      A question about #7. Does that $3500-$4000 monthly payment include your regular mortgage payment (you would pay the mortgage pmt. through the plan)? Is that for 36 months or 60 months?. The base amount that you pay the trustee (your past due mortgage amount and your unsecured amount) is about 60K.

      Here are some answers to those questions I can answer:

      2. Never tried it, but I've been tempted to do it.
      3.I would replace at least one of them, especially if you are on a 60 month plan. On a 36 month plan. your 100% plan could turn into less than 100% (disposable monthly income)
      4. You can use the bonus to keep some liquid $$ for those business travel expenses and justify to the trustee that you need that $$ to cover expenses you pay on a debit card until you are reimbursed. Then you can use it to pay your attorney fees instead of doing that through the plan.
      5. See my question above. If you are paying 100% over 60 months (including your past due mortgage) I would think you can afford your daughter's hoops activities. Might be tougher at 36 months.
      6. Yes.
      7. The trustee can take an inheritance especially if you inherit within 180 days after you file. but yes you can pay off early with the inherited proceeds as long as you pay 100% of all claims.
      9. There is always the possibility that not all your unsecured creditors will fill a Proof of Claim, which means the trustee will not be paying them after plan confirmation which could make your base amount lower and the discharge will apply to them too. You should sleep much better after you file. You can always look into a loan modification after you file BK.
      Filed Ch 13 Fall 2013, 60 month plan

      Comment


      • #4
        Hi, thanks so much for the response.

        Yes #7 would be the mortgage, arrears and unsecured debt I believe. They had mentioned based on the payment and arrears we would be starting around $3300. 60 Months.

        Again, thanks.....those responses will help me sleep better tonight. I just learned that we can continue the loan mod after the BK, that is a relief.

        One last follow up. We have some credit card debt that was "charged off" years ago. Are they still entitled to file a Proof of Claim or has their ability to do so expired?

        Comment


        • #5
          scsteinman22 you must list ALL of your creditors (with balances). You cannot leave anyone out.

          If, however, any of your creditors is properly served notice and they fail to file a claim in a timely manner, then they aren't eligible for any distribution and your plan gets smaller and the debt still gets discharged.

          Comment


          • #6
            Originally posted by Nodebtrenton View Post
            scsteinman22 you must list ALL of your creditors (with balances). You cannot leave anyone out.

            If, however, any of your creditors is properly served notice and they fail to file a claim in a timely manner, then they aren't eligible for any distribution and your plan gets smaller and the debt still gets discharged.
            Thanks. I have some from 20 years ago, medical, etc. that I can't even remember. That seems daunting.

            Comment


            • #7
              If you get a good attorney they can pull a special credit report that can find old debt even ones that aren't on your standard report due to aging. Credit bureaus aren't required to tell you about old debts when pulling your report because they don't report them to others. But attorneys can find SOME of the zombies.

              Comment


              • #8
                Not an absolute, however I believe the overwhelming consensus is that the Trustee and Court will want it to be deducted from your pay. In my case, I explained to my attorney that due to my job (accountant), with access to significant personal and financial information, I was worried that my employer would not be happy with this. He filed a motion to waive pay order (something like that) and the court approved it. My attorney did say that the court would not approve the waiver until they saw I made several payments myself - which worked out in the end since 5 months passed between filing and confirmation.

                As always, if you do get a waiver, make sure that your payment is received by the Trustee on time, every time.

                Originally posted by scsteinman22 View Post
                Sorry, one last question.

                1. I've read that some people have the trustee payment come directly from their paychecks. Is that an absolute, as I'd really rather not have our employers be aware of the current situation?

                Thanks

                Comment


                • #9
                  Originally posted by JafJaf View Post
                  Not an absolute, however I believe the overwhelming consensus is that the Trustee and Court will want it to be deducted from your pay. In my case, I explained to my attorney that due to my job (accountant), with access to significant personal and financial information, I was worried that my employer would not be happy with this. He filed a motion to waive pay order (something like that) and the court approved it. My attorney did say that the court would not approve the waiver until they saw I made several payments myself - which worked out in the end since 5 months passed between filing and confirmation.

                  As always, if you do get a waiver, make sure that your payment is received by the Trustee on time, every time.


                  Thank you....the attorney said they would not have to know and that I can set up an automatic deduction.

                  Comment

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