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justbroke
justbroke
Super Moderator
Last Activity: Today, 01:07 PM
Joined: 07-10-2008
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  • Most impact: maxing out the credit card would lower your score by XX points (don't ask me how many). But the score is recoverable as you pay this back.

    Least impact: closing the card since the score models may look only at average age of accounts rather than average age of "open"...
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  • Chapter 13 is a tool to save property. In cases where a debtor otherwise qualifies to file and receive a discharged under Chapter 7, only the Chapter 13 and "reorganize" the debt and allow them to cure any missing payments. It is especially used to save the debtor's home and has some unique...
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  • justbroke
    replied to Chapter 7: Post-Filing
    Some of it is complex, and some of it is not. That particular calculation is easy to misunderstand. I did my petition using a petition preparer so I hope they got the calculation correctly. (My Chapter 13 case was converted and discharged as a Chapter 7.)

    Mortgages are easy in that context...
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  • Ugggh! I really wish that people could more easily resolve student loan debt in bankruptcy. I'm not saying to discharge all student loans in bankruptcy, but at least be able to re-amortize and reset the payments when you exit (discharge).

    I'm sorry that I don't have any answers for you....
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  • Have you looked into other payment plans like income-based repayment and other programs? Your attorney can always ask the lender, but it's just too fact specific....
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  • I like the advice of the attorney. Just don't go nuts....
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  • justbroke
    replied to Chapter 7: Post-Filing
    Your payment "could" go up if you actually purchased a car with more than a 60-month term and then file bankruptcy. Some have 66, 72, and even 84-month financing these days so the remaining balance / 60 is not so simple. The reason why it appears to not be (balance) / (60) is because of un-accrued...
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    Last edited by justbroke; Yesterday, 11:55 PM.

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  • justbroke
    replied to Chapter 7: Post-Filing
    The Means Test is a complex piece of an implementation of the whims of Congress. Phew. I would not try to understand how the car ownership allowance is calculated based on a set amount and then your actual car payment is deducted, yet the car payment is added back in another section. This is what...
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  • justbroke
    replied to Chapter 7: Post-Filing
    Chrysalis, the problem with many of us is simply overthinking everything. The overthinking causes stress, we do things that we then start second guessing, and it becomes a frustrating mess.

    I would simply press the pause button and let this play through the 341 meeting at a minimum. ...
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  • justbroke
    replied to Interest Cramdown
    If this is not a 910-vehicle then I would not worry at all. I had a lender complaining about my car and changing the interest rate. Their attorney was likely just "earning" their fees because I kept telling them (and even in my response to the opposition to confirmation) was that it was...
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  • justbroke
    replied to can't get an apartment!
    As a former landlord I used a tenant screening service. The service reports back with a letter grade and a recommendation. They don't want to see current unpaid debt which would keep you below a score of 600. Some look at bankruptcy and want at least 1 year from the time it was file or discharged....
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  • justbroke
    replied to Chapter 7: Post-Filing
    The questions are here right on BKForum.

    They actually come from a Chapter 7 Panel Trustee supplemental manual titled Section 341 Meeting Questions. The Trustees don't ask all the questions. There are about 10 basic questions and the Trustee will probe as necessary. If you run a business...
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  • For a Chapter 13 something known as disposable monthly income (DMI) is calculated. It is based on your income less allowed expenses. Those allowed expenses are based primarily on the IRS Financial Collection Standards which have been modified for the United State Trustee (UST) Means Testing program...
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  • A Chapter 13 is typically 36 months (below the median) or 60 months. It is sometimes in between. The Chapter 13 has something known as a Plan Base which is the "minimum" amount that must be paid. There are other factors that could increase the Plan Base.

    As to whether you can...
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    Last edited by justbroke; Yesterday, 09:17 AM.

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  • justbroke
    replied to Interest Cramdown
    To tell you the truth, this is how it should appear to the debtor that is represented by an attorney. You pay the attorney to worry and to get you the best deal possible. A (represented) debtor should not need to know what FRBP means, what the Federal Rules of Evidence are, what's cramdown, what is...
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  • justbroke
    replied to Interest Cramdown
    Exactly. I'm just trying to help avoid confusion. Now, that does not mean that attorneys and people don't sometime say "cramdown" when reducing the interest rate to the Till Rate.

    It's a lot to learn....
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  • justbroke
    replied to Interest Cramdown
    Well, it's not so much automatic. The lender can complain and force you to negotiate higher. But let's back up first.

    Let's talk about cram downs. In a Chapter 13, you can only cramdown a vehicle which has been purchased at least 910 days prior to filing. A vehicle purchased within...
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  • justbroke
    replied to 341 question re pacer
    Bankruptcy is a slow process so worrying about a day or two is simply wasted fingernail tips (or pencils or other "chew" toys). You should not worry especially since bankruptcy is not a race but a marathon... and your newly assigned 341 Meeting is not until August 31st. That leaves plenty...
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  • justbroke
    replied to chapter 13
    Filing a Motion to Compel and/or a Motion For Sanctions for Violation of the Automatic Stay....
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  • justbroke
    replied to 341 question re pacer
    For absolute certainty you must contact your attorney. I never trust the dates in PACER. My 2008 filing still shows "Awaiting Confirmation" and has been in that state for over 3,000 days. In some cases the tickle/deadlines dates in PACER are accurate but I never depend on those dates.
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