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"Can I get out"

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  • #31
    Originally posted by Pandora View Post
    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? 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...
    The issue apparently seems to be that he paid back his father $50K, (I guess the next question is, how did that happen, did you pay him in a lump sum, a few payments, etc). Assuming the the transaction would have been considered a "preference" if the debtor filed BK-7, the trustee could sue the father to get that $50K. So instead of going down that road, the debtor decided to file chapter 13 to reconcile the value of that preference and pay it over time in a chapter 13. However, I do agree with others, there is something way off on the budget if you cannot afford the $755 income. I realize that $200K, after all withholding and deductions isn't a huge amount of money, but it is very sufficient, so something else is eating up the budget that probably shouldn't be.

    However, without a better picture of the overall debt situation, all we can do is speculate as to the best options.
    Last edited by HHM; 12-11-2010, 11:28 AM.

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    • #32
      Hiya HHM

      Okay - that makes sense and I understand that part (pref. payment) - but just reading what was posted makes it seem a bit off in some aspects as there is info missing obviously . I know with our plan and trustee - we arent required to hand over tax returns or any pay increases even though we're not in a 100% plan. I figured that if a trustee is requiring a person to file a Ch. 13 vs. a 7 due to preferential payment, then it would be plausible that the trustee would demand any pay increases over a certain percent also be paid into the plan. Having your income quadruple 2 years from filing BK while being under the median at the time of filing - seems like a huge red flag to me from a trustee's standpoint, especially if making a preferential payment caused the 13 to begin with.

      Maybe I'm just looking at it differently.... I dont know....

      At any rate, I hope the OP figures out what must be done and budgets accordingly. I would die to have a 200K income for a family of 4! We're at about 65K and have a $600 payment for 60 months.. *sighs*

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      • #33
        Originally posted by Pandora View Post
        I would die to have a 200K income for a family of 4! We're at about 65K and have a $600 payment for 60 months.. *sighs*
        ^^^HUGE ditto. We could retire at the end of our ch.13 if we had that kind of income! And we're only in our 30s! lol.
        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....

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        • #34
          Originally posted by joshcohen View Post
          I have been in a chapter 13 for 2 years now and I have 3 years left on my payment plan. The original plan was to pay back $50 K that I transferred from a trust and payed my Dad back with. Other than that at the time I qualified for a chapter 7. The Lawyer's reasoning for the Chap 13 was he thought that they may go after my Father for the $50k that I transferred to him. My father has since passed away and I am still paying 755.00 per month and it is killing my wife and I. Unfortunately I make close to $200k per year so now I do not qualify for chapter 7. Any thoughts out there?
          After reading all these postings and replies, and not knowing what encompassed your original Chapter 13 filing (what other creditors are in the Plan - nothing is indicated about them, just that your original plan was to pay back $50,000 to your father's estate). After the filing, it appears you prospered income-wise - during a Chapter 13, that increase in funds needs to be reported to your attorney and trustee - was that done? Not knowing your original plan and other creditors, if any listed, you can probably investigate buying out of your Plan but it would be at 100% and not at the percentage given to you at the time of confirmation and with all interest and fees as mentioned by another poster. The trustee will be very interested to know where the funds were obtained for this buy out three years prior to the end of your plan and you will probably have to come clean with all the recent increase in income and also how you were able to fork out $35,000 for a recent wedding while in an active Chapter 13.

          If you have contacted your attorney, your attorney should have advised you as to all this. Something doesn't add up here and either you are not explaining everything fully or trying to hide things to get around them. If your situation is actual, something just does not make sense and that is why you received several questionable replies.
          _________________________________________
          Filed 5 Year Chapter 13: April 2002
          Early Buy-Out: April 2006
          Discharge: August 2006

          "A credit card is a snake in your pocket"

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