Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Need helpwith decision

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  • Need helpwith decision

    Today I was supposed to meet with an attorney to turn in paperwork and retainer but I backed out and canceled appointment. I am scared to death that I may not be able to have enough money to live on. The attorney said that I would be in the 100% plan and when I calculated up the amount I would pay it would be $3235. After house payment, utilities, cable, and life insurance I would have $3512 so the difference is only $277. There is no way that $277 would feed, cloth, provide for medical, or gas for the car. I am ashamed of the financial mess that I have gotten into but unless I am missing something I do not want to hand over any money to the lawyer and be worse off than I already am. Feeling worthless, confused, and lonely. Can someone help me understand that has been through this Chapter 13 filing process.

  • #2
    Your attorney was and is the person to get detailed information about your financials. I have no clue as to what is going into that number that you provided for a 100% plan. You write that the 3235 is the amount that you calculated; but what is the amount calculated by the actual Means Test performed by the attorney. If you're in a 60-month 100% plan, paying $3,235 a month is over $194,000.

    Otherwise, if you're not calculating correctly and If a you can't afford 100%, then that means you are trying to keep property that you actually cannot afford. This is the conundrum of most debtors and what leads us to bankruptcy in the first place; trying to keep property and/or a lifestyle that we simply cannot afford.

    I think you're calculating this all incorrectly. In a prior thread you personally calculated a lower amount. You have never stated what the attorney calculated. The purpose of seeing the attorney is exactly to review everything and to understand what each dollar brings.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Your plan should give you more than $277 for those expenses.

      In another post, you said that you can exempt all of your assets, that you have a wife who is not filing and that your net income and monthly expenses are as follows:
      5868.50 Monthly Net income
      -1686.07 House Payment
      -142.57 Utility - Gas
      -211.23 Utility - Electric
      -46.30 Utility - Water
      -63.53 Utility - Sewer
      -166.13 Cable / Internet
      -140.25 Life Insurance
      -817.49 Unsecured Loan
      -387.60 Unsecured Loan
      -296.96 Truck loan
      -843.32 Unsecured Loan
      -329.00 Credit Card
      -425.00 Credit Card
      -158.00 Credit Card
      -217.47 Credit Card
      -211.00 Credit Card
      -550.00 Student Loan
      So, if you don't include the unsecured loans, credit cards and student loan, you are left with $3,115.46 after paying the other expenses, without any allowance for food and other necessary expenses. So, a $3235 payment does seem too high. Are you sure the attorney is not including your house and truck payment in the plan payment? Do you have arrears on your mortgage or car payments that have to be paid? Do you owe taxes that are not dischargeable? Does your wife have an income in addition to the net income you listed? Have you asked your attorney to show you how he calculated that plan payment? Did he say why you should be in a 100% plan? Have you consulted with any other attorneys?
      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!


      • #4
        The amounts I had posted earlier is still correct but does not include wifes income which he stated that he had to include.


        • #5
          So, how much do you have left after including her income that isn't used to pay her separate bills?
          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!


          • #6
            Besides groceries did you tell your attorney about some other living expenses that you can deduct from monthly income to arrive at DMI (house maintenance and upkeep and monthly clothing expenses, education expenses and medical expenses). If so, how much? Do you know how much you and your wife spend on groceries ?

            My gut reaction is that your payment is too high,but please provide us more info, especially your wife's income and expenses.

            I know what you are going through is really stressful. The six months before I filed my petition brought a lot of stress and I just wanted to get it started. With that I say go consult a couple more attorneys.
            Filed Ch 13 Fall 2013, 60 month plan


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