Hi - Filed for a 13 last week and have a few new questions.
Quick Details:
1st and 2nd mortgage (could not strip) and two car loans outside plan.
Two student loans inside plan, paid back at 50% over the 60 months - we'll have 50% balance to pay after the case.
Boat repo'd and sold at auction, $20,000 deficiency balance included as unsecured.
$100,000+ in credit card debt included in plan.
341 is scheduled for 2/23/2011. Creditors have until 5/4/2011 to file claims.
Questions:
1) We just got the paperwork from the US Trustee's office. As suspected, the car loans are not listed as they are outside the plan. However, both the 1st and 2nd mortgages are listed as in the plan, at a 0% interest rate, but the payments are not part of the plan monthly payment. Is this normal? Can the bank not charge us interest while under a 13?
2) Our current plan that we're just starting (estimated) payments on is $1950 a month, including those student loan payments. However, starting around 2/1/2011, my income will be dropping by about $7,750 per year. Do we have to wait the 6 months at the new lower income to file to modify the plan? My take home pay will be decreased by almost $200 per check bi-weekly.
3) Our plan has an estimated $1000 income tax bill included, as that was about what we thought we'd owe. Just going over my taxes, I'll owe State $800 but receive back $700 from Federal. Now, our local trustee paperwork says that we can keep up to $1500 per return before they take anything. So if I receive the $700 from the feds, and let the plan pay the $800 priority claim to the state, will this fly? I'm sure normally it would not which is fine, but the tax bill is already in the case.
Thank you SO much for any advice!
Quick Details:
1st and 2nd mortgage (could not strip) and two car loans outside plan.
Two student loans inside plan, paid back at 50% over the 60 months - we'll have 50% balance to pay after the case.
Boat repo'd and sold at auction, $20,000 deficiency balance included as unsecured.
$100,000+ in credit card debt included in plan.
341 is scheduled for 2/23/2011. Creditors have until 5/4/2011 to file claims.
Questions:
1) We just got the paperwork from the US Trustee's office. As suspected, the car loans are not listed as they are outside the plan. However, both the 1st and 2nd mortgages are listed as in the plan, at a 0% interest rate, but the payments are not part of the plan monthly payment. Is this normal? Can the bank not charge us interest while under a 13?
2) Our current plan that we're just starting (estimated) payments on is $1950 a month, including those student loan payments. However, starting around 2/1/2011, my income will be dropping by about $7,750 per year. Do we have to wait the 6 months at the new lower income to file to modify the plan? My take home pay will be decreased by almost $200 per check bi-weekly.
3) Our plan has an estimated $1000 income tax bill included, as that was about what we thought we'd owe. Just going over my taxes, I'll owe State $800 but receive back $700 from Federal. Now, our local trustee paperwork says that we can keep up to $1500 per return before they take anything. So if I receive the $700 from the feds, and let the plan pay the $800 priority claim to the state, will this fly? I'm sure normally it would not which is fine, but the tax bill is already in the case.
Thank you SO much for any advice!
I'd really appreciate any experience with any of the questions. Thanks!!
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