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    #1

    Not Chapter 7

    Hello all-
    Met with my lawyer today, who told me I was at risk of qualifying for a Ch7. due to signicant unsecured debt (~$130K) my lawyer told me that I would be under great scrutiny from the trustee. My disposable income after expenses is ~$600. Also, to reaffirm the house: we owe $185K and the house was valued at $190K two years ago. Our state exemption is $12,500. Could be close.
    He said that we could go ahead and try to go Ch7, but would risk being converted to Ch13, and would then incur more lawyers fees to file Ch. 13.
    Questions:
    1. What would you do?
    2. If we were to go CH13, when would the 10-years on the credit report start: when entering Ch13 or completing Ch13?
    3. I will be moving out of state within the year - what impacts with CH13 have on selling my home and buying or renting another?
    Thanks in advance for your input!
    Tags: None
    #2
    "~$600" by this, I assume you mean approximately $600 which means you HAVE disposable income of approximately $600. If that is really true, then you won't be able to do a chapter 7.

    However, most people initially underestimate their expenses so you should really put some work into it and figure out what your expenses really are.

    Comment

      #3
      Whether you end up in a 7 or a 13 -you will be better off than where you are now. You know I know this as I've outlined my situation in the CH7 forum. If you do nothing you'll never pay the debt off unless you hit the lotto. (I don't even play ) At least in a 13 you will be done in 5 yrs at most.

      I would definitely spend some more time on the expenses - we drastically underestimated ours. Some things like auto maintenance I took a guess at an annual amount, then divided by 12. Same thing with home maintenance (clean gutters, wash/seal deck, HVAC service contract, etc).

      We never thought about things like that in the past, and just charged it whenever the big auto repair or home project came up because we did not have the $$$ in savings to cover the cost.

      Good luck!

      Comment

        #4
        what's your annual income?
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

        Comment

          #5
          my annual income is $94,000 and my hubby is a stay at home dad with our two young children (2 and 5). We made the decision for my husband to stay home with the kids because, as a teacher, his take-home pay was less than what we pay for daycare.
          Originally posted by Todd
          what's your annual income?
          Last edited by AnnieG; 06-17-2005, 07:53 AM.

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