A few questions

[Jf24]

I have been reading about chapter 13 and this site has been very helpful. Thanks to all. I have a few questions about it before seeing a lawyer.

Married but looking for to file as an individual. I have about $60,000 in unsecured debt in my name. My wife only $4500. We have only one card in both our names with $4500 on we can leave out. Together we make about $82,000 per year but sometimes more with my overtime. 1st mortgage is $2024 2nd is $543 a month. I have student loans $70,000 fed at $240 per month for now and 2 private loans. 1 is $5100 at $50 a month and the other $2800 at $50 a month also.

Is these figures enough to give me a ballpark figure of how much I will pay a month under chapter 13?

How does overtime effect the amount? We have been short people recently but they will be back so the OT will dry up.

We have no car payments. One car is on its last leg. Should we get a car now or after I file. My wife will put it in her name. Will get something cheap and maybe 2 years old but will need to finance.

One more question. I here they take your tax refunds as katztoo mentioned. We usually get back about $4000. Should we stick it out till we get this since it is around the corner.

Thanks

[lrprn]

Is these figures enough to give me a ballpark figure of how much I will pay a month under chapter 13?

This helps, but doesn't share important information about other assets besides your cars, nothing about housing, and nothing about your typical living expenses. Calculating disposable income to make a best guess about a monthly Ch 13 payment is complicated!!

Even though it won't be accurate because you don't know exactly what your local court allows, you can try calculating your own disposable income here - http://www.legalconsumer.com/bankrup...nd%2C+NY-NJ-PA . Be sure to enter your zip code in the field at the top of the form.

How does overtime effect the amount? We have been short people recently but they will be back so the OT will dry up.

Overtime before filing is income and could be counted into your income total for the six months before filing. However, there are recent changes in the income interpretation in Ch 13 that courts shouldn't allow counting income before filing unless about the same income will be continued after filing. Your lawyer (and ask every one that you interview) will know how your local court handles the overtime/bonus income issue when calculating income for the Means Test in your district.

We have no car payments. One car is on its last leg. Should we get a car now or after I file. My wife will put it in her name.

How much is each car actually worth in today's market? How that amount matches up with your NY auto exemptions can help make that decision.

Definitely discuss buying a new car before filing when you interview the recommended 4-5 bk lawyers in your area who are experienced filing Ch 13 cases. Going into a five year Ch 13 with a car already on its last legs is never a good idea if you can avoid it (and it sounds like you can).

I hear they take your tax refunds as katztoo mentioned. We usually get back about $4000. Should we stick it out till we get this since it is around the corner.

There's no way to know what will happen to your tax refund until you ask those experienced Ch 13 bk lawyers. They should know what the Ch 13 trustee in your area does with tax refunds. There's really no consistency across the country when tax refunds are involved after filing Ch 13.

If you really do get $4000 back from Uncle Sam and it's before you file, you need to talk with each of the bk lawyers you interview about what is possible to do with the cash and when you can do it before filing.

Many states allow very little cash to be on hand on filing day, so you need to ask about how much cash is allowed to be in your accounts on filing day and how much can be protected by your state bk exemptions.

Good luck and keep asking questions. We'll help you sort things out as best we can. Get started putting those bk lawyer interviews in place asap, because those local, experienced lawyers are going to be the most reliable sources of information for all your questions.

[Jf24]

Thank you for the info

I would need a car for me ASAP. Overdue for inspection and needs brakes. Rather not put another dime into it. If a used financed car goes under my wifes name and I file as an individual would it be considered a secured payment though the payment plan or a part of the DMI calculation?

Wifes car is worth $7100 and mine $2100. Thinking of buy an 09 or 10 around $15000, something from a dealer with some kind of warranty.