What to expect

[roger_221]

I am gathering all of my paperwork for my attorney. After reviewing it all, I can see how I got in this mess in the first place. Even though I make a good monthly income, it looks like I'm only left with about $150 a month.
Is that what they'll make me pay?
What determines if you pay out 3 years or 5?
If I decide to sell my house to downsize and it is $300/ a month less, will the trustee take that money?
Can I buy and sell a house while in Ch 13 bankruptcy? How hard is it to do?
I have an auto lease expiring in a few months. Will the trustee want the money I am no longer paying for a car? But, I'll need another car. Is one of the requirements that you always have to tell the trustee when your income or expenses change? How reasonable are they usually in understanding?

[SinkingFast]

A lot of your questions will depend on the Trustee overseeing your case, if you wind up in a Ch 13.

Generally, only under Median filers qualify for a 3 year plan. Most folks in that situation file to protect their home, or have huge, unexpected medical bills, or some other catastrophic event happen in their lives.

If you're over the Median, most likely, you're gonna be a 5 year filer.

You'll have to get approval from the Trustee to sell your house or take on new debt while in Ch 13.

When your car lease expires, you'd have to get approval from the Trustee to get a replacement vehicle. Generally speaking, the payments will have to be roughly the same. And, in most cases, that means way less vehicle than you had before. The interest rates are much higher for a Ch 13 filer if and when you can find a Lender who will work with you.

Same with your house. You'd have to get approval from the Trustee to sell. Your house will be an asset of your BK Estate. The Trustee will control your BK Estate. If you plan to buy a replacement property, same thing. You have to get permission from the Trustee to take on new debt. If your new housing payments are less, the Trustee will most likely take the difference if you're not in a 100% payback plan.