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"Can I get out"

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  • #16
    Originally posted by joshcohen View Post
    Guys 200k a year is not a lot of money in today's day in age.
    The median income in the state of florida for a family of 4 is $64k. You really think more than 3x the median is not considered a lot of money? Of course it is.
    Filed CH13 - 06/2009
    Confirmed - 01/2010

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    • #17
      Thanks Forgotten ! I know you are correct. Just had to hear it again!

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      • #18
        Guys it does not matter how much you make it matters how much I keep. I am just a guy trying to keep an extra $755.00 per month! I was simply posting to hear some good advice and see if maybe there is something I have been missing something. It is obvious that I am not. Thanks to all even the haters!

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        • #19
          Originally posted by espo1357 View Post
          bs post, right?

          200k per year and you are worried about 755 a month.

          Smart people usually make 200k/year, so why waste our time with this post?
          We should not be making this so personal. Yes I personally agree that $755 is not bad of a payment - which means obviously with his large income he did not have too much unsecured debt. But maybe we could have focused more on telling him how to pay off everything rather than being so judgmental. There are other people on here that make large income. Like justbroke - and he filed a Chapter 7. So in my opinion we should be a bit nicer - and it is only a waste of your time if you respond.
          Chapter 13 Filed November 10, 2010 Indiana - Southern District - United States Seventh Circuit
          Attended 341 hearing 12/15/2010

          Comment


          • #20
            Originally posted by joshcohen View Post
            Guys 200k a year is not a lot of money in today's day in age. Look I simply was looking for a loop hole based on the fact that the reason I am in this plan was because of $50 K I transferred from my bank account to my dads (from a trust fund) before I filed. Yes BKdone I was thinking that at this point being that my Dad is Dead they may dismiss it. I know I am probably wrong and have to just keep paying it. It is what it is right? You make mistakes in life and you pay for them. Just makes me upset that big business gets bailed out and josh smo has to pay every month! Also the reason I am making 200K now is because I realigned my thinking in my Salesmanship in the industry I am in. Took full curriculum courses on life and business and have increased my income from 40k when I filed to 200K in two years. Is that stupid Espo?
            Perhaps you should take a hard look at your budget then? Because if you pull out now, your creditors can come after you. And they will tack on late fees and interest charges all the way back to when you first defaulted. And they will go after you to pay their legal fees. And it won't matter what you paid before.

            They aren't going to dismiss it. You made a preferential payment to a creditor. You chose not to have them go after your dad and elected for a Chapter 13. That was your choice to do. Now you have to either continue the next 3 years with the plan or dismiss it and pay even more.

            Comment


            • #21
              Originally posted by joshcohen View Post
              Thanks for talking sh** Espo, you obviously have never made much money in your life. 200k pre tax dollars works out to a much, much lower figure when you incorporate, Life ins, car ins. rent, benefits, college fund, a Family of 4 with a wife who does not work. I will admit that I live in a posh upscale building that costs me over 2k a month in total expenses so for that I admit some I was not smart. I don't care how you slice or dice it $755.00 per month is $755.00 per month!! If I can find a loop hole to get out of it who wouldn't??? Oh and BTW I have lived a very nice lifestyle all Cash for the last 2 years. Also I feel my Lawyer mis advised me when I originally filed and treated me like a complete jerk! I have spoken to a current friend who is a BK attorney and he told me if I waited 6 more months from the date I filed I could've went 7 and been done!
              I agree with the poster above, you need to really look at your budget. I am guessing that you moved into this "posh upscale building" sometime in the last 2 years, after you filed? I think you should thank your lucky stars that your Trustee didn't go after all of that extra income and increase your payment. I get that you have a family to support, but even with a $755 payment, it shouldn't be "killing" you. I make far less than you, my payment is $950 per month and I'm doing fine. If I made $200k per year and added 3 people to my household, I think I would still be ahead.

              SO, how old are your kids? If they are little, don't you think you could stop contributing to a college fund for 3 years and pick it back up again when the BK is over? That's just one example, I'm sure there are other things you could cut back on so you aren't struggling. A Chapter 13 is about teaching you to budget. And yeah, it sucks, especially when you are used to living the high life. But in 3 years, your debt will be gone and all of your money will be yours again.

              If you aren't willing to do that, then another poster outlined your options.
              Filed Ch 13 - 2/2010
              341 meeting - 4/2010
              Confirmed! - 6/2010

              Comment


              • #22
                All good advice and you guys are 100% right I have not budgeted appropriately and yes should never of incurred the cost of a 2g a month Condo payment. I also had to buy an SUV which I bought used and paid Cash for and I paid for a large wedding on the beach this year that set me back 35 k. So you guys are right I can and I am managing however I just thought the possibility was out there that maybe as things have gotten a little leaner the past few months I could possibly find a loop hole. I probably should of mentioned that my high income comes from hard core software sales for a global player. I have to push hard to make that kind of money day in day out. Couple of bad months and all my other monthly expenses it gets hairy!!! Yes budget Budget budget is my mantra now. My wife and I are currently looking to sublet our place and move to a more residential neighborhood where we can save about 400 per month and have a bigger house and yard for the babies.

                Comment


                • #23
                  Josh, it sounds like you need to really sit down and realistically create a budget to stick to. On your income, a $2k housing payment is reasonable. Our income is around $65k a year, family of 5, in CA, with a housing payment of $1900 and we live a frugal but comfortable life. Our trustee payment is only slightly lower than yours at $610 a month. You really NEED to save any extra money that you can in those profitable months. I have a feeling you don't even really know where your money goes each month. The thing about money is if you don't tell it where to go, it runs away from you. Look over your bank statements carefully, especially at things like clothing, recreation, eating out, & groceries. It's so easy to overspend in those areas and not even realize it.

                  Once you learn to budget and save accordingly, $755/mo will not be "killing you" anymore. You'll sail through the rest of your ch.13 and come out the other side not only debt-free, but having learned a valuable life lesson that will get you to retirement--maybe you can even retire early! Save, save, save!
                  Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
                  0% payback to unsecured creditors, 56 payments down, 4 to go....

                  Comment


                  • #24
                    Originally posted by joshcohen View Post
                    and I paid for a large wedding on the beach this year that set me back 35 k..
                    And you realize the wedding was 46 months worth of payments? The idea of a Chapter 13 is that you are not suppose to have ANY disposible income left over each month. In the grand scheme of things you have gotten off way way easier than 99.9% of other chapter filers. My point just being, be happy with what you got and not focus on having to make that payment.
                    Filed CH13 - 06/2009
                    Confirmed - 01/2010

                    Comment


                    • #25
                      Look I simply was looking for a loop hole based on the fact that the reason I am in this plan was because of $50 K I transferred from my bank account to my dads (from a trust fund) before I filed.

                      I also had to buy an SUV which I bought used and paid Cash for and I paid for a large wedding on the beach this year that set me back 35 k.

                      Oh and BTW I have lived a very nice lifestyle all Cash for the last 2 years. Also I feel my Lawyer mis advised me when I originally filed and treated me like a complete jerk! I have spoken to a current friend who is a BK attorney and he told me if I waited 6 more months from the date I filed I could've went 7 and been done!

                      ....and have increased my income from 40k when I filed to 200K in two years
                      Okay, so reading through all your posts, something isnt meshing for some reason. You said you filed because of $50K you paid back to your father 2 years ago - you dont mention any other debts other than your plan was based on that 50K. So you filed CH 13 BK due to the one fact of having to pay your father back?

                      If you've gone from 40K to 200K in 2 years since filing, and are in a Ch. 13 5 year plan, have paid cash for vehicles, and a $35K wedding - then why on earth havent you paid your plan in full since you state you're at 100% payback? You do have the option to dismiss your case or pay it off early. You wouldnt qualify for a Ch. 7

                      Sorry if I sound cynical but your story isnt making any sense whatsoever..... you're stating you only filed BK because of a payment to your father.... not adding up to me.....
                      Last edited by Pandora; 12-10-2010, 10:27 AM.

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                      • #26
                        I agree, we need more info, something is not adding up, what was the reason for needing to file chapter 13 in the first place?

                        Comment


                        • #27
                          He made a preferance payment to his father, so filed a 13 instead of a 7 so he could pay the preferance payment back to secured creditors instead of risking the trustee going after his father. I don't think he meant that the loan from his father was the only reason he filed BK.
                          LadyInTheRed is in the black!
                          Filed Chap 13 April 2010. Discharged May 2015.
                          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                          Comment


                          • #28
                            Originally posted by LadyInTheRed View Post
                            He made a preferance payment to his father, so filed a 13 instead of a 7 so he could pay the preferance payment back to secured creditors instead of risking the trustee going after his father. I don't think he meant that the loan from his father was the only reason he filed BK.
                            Exactly! The $50k was the minimum he had to pay in. I'm guessing on a $40k income, he wouldn't have paid back anywhere near that amount if it weren't for the preferential payment. He clearly had more debt than that though, which was his purpose for filing.
                            Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
                            0% payback to unsecured creditors, 56 payments down, 4 to go....

                            Comment


                            • #29
                              Try making 110k and paying 3300 a month! HA I would love a payment of 755....jeez

                              Comment


                              • #30
                                Originally posted by momofthree View Post
                                Exactly! The $50k was the minimum he had to pay in. I'm guessing on a $40k income, he wouldn't have paid back anywhere near that amount if it weren't for the preferential payment. He clearly had more debt than that though, which was his purpose for filing.
                                ok - however having to pay back 50K on a 40K income doesnt make much sense - why would it be required to be in a Ch. 13 - when median for a family of 4 is 64K as stated above? What reason was the 13 filed? He states only due to the loan he repaid his father, nothing else. He'd of qualified for a 7 either through the median or negative DMI - so why push the 13? $755 x 60 mos isnt 50K, its $45300 - so again, something isnt adding up - it would've had to been his father was the ONLY secured creditor - no other secured/priority or unsecureds at that payment and the trustee fees and any legal fees would also have to be included. If thats his base plan - which is a minimum to pay in, then he's never been in a 100% plan and cannot buy out unless all debts are paid 100% - secured, priority and unsecured.

                                I'm in a min plan base also - but am not at 100% if you do the math (2nd mortg. to be stripped) - everything at the end of our plan that remains will be written off and discharged.

                                There's info missing in the OP's posts...
                                Last edited by Pandora; 12-11-2010, 10:37 AM.

                                Comment

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