help me please - i need answers!!!!!!!!!

[suzyqpug]

hi all, I need alot of help. I am really really scared.

I am thinking that I need to file a chapter 13 BK. Heres the problem:

My mortgage is current and so are my taxes. But i have credit card debt that totals 180,000.00 and climbing because of late fee, over the credit limit and reocurring interst. I can no longer continue the monthly payment and now that I am late the cc companies raised my interest rate to 30.99%. Doubling my payment. GO figure that I was having trouble making the payments at the regular rate and now they up them.. Someone needs to get after these CC companies. Anyway, here it is:
My huuby make a base salary of about 110,000.00 plus he gets a bonus every year. Not the same one it differs, but has been getting atleast a 40,000.00 bonues before taxes. Which our friendly government takes almost 40% of that. Will they take that bonus? Or will they just add that into my yearly salary and then consider that my income when figuring out how much I will have to pay back? I am really concerned about that.

Also, I owe my parents 10,000.00 and promised I would pay them when I got my tax return, But will they also take that, I believe I will get at least 9900.00. I must pay my parents back.

I also have a checking account that is in my name but is NOT MINE. I told the person to start taking the money out of that account alittle each day like 500.00, so that it wouldn't be taken. Cause thats not mine. What will happen with that? Its a no interest checking account. Will they find out about my accounts or will i have to show them statements?

No i owe about 180,000.00 in cc debt, how much do you think I will have to pay back and for how long? Do they charge you interest when you file chapter 13?

My expenses are a 3200.00 mortgage, a car loan of 546.00, boat loan of 290.00, motorcycle loan of 200.00 and other expenses a month.

I live in New Jersey.

Someone please help. I was going to wait and not file for chapter 13 until after the bonus. I was going to take all the money out of the bank and gamble it and then if i hit never put the money back.

Help i just need asnwers. I am really scared...

[BKOnce]

1) A 5-year chapter 13 plan for all high-income filer/family (new law)

2) Yes, big bonuses and tax refunds must be reported and be taken. Ask your attorney.

[suzyqpug]

What about if i use the tax refund and the bonus before i filie to pay back the people that i have borrowed money from? WIll I have to have a letter from each person that i paid back?

[Flamingo]

You need to do the following. You and your hubby sit down and make a complete listing of all your debts, your monthly payments, your assets (stocks, house, savings, etc.), and your income. Along with that gether your recent paystubs and your most recent tax return. Look in your phone book under lawyers and find one in your area that gives free initial consultations. Call and make an appointment. Take with you the information above. The attorney will advise you as to where you stand and what you can do from looking at all the information you brought along. Don't wait, do it now, because your debt is just going to get much larger. It is upsetting but you need to get a handle on the situation now because it isn't going to go away on it's own and by all means do not go gamble away your savings at the casino. If you have 401(k)s, they are exempt in bankruptcy - do not touch them. Best of luck to you....

[BKOnce]

No, that person (to be paid) must be a "creditor" and their names must be listed on "Owed/Creditor Matrix" submitted to trustee too.

Pay them before file?.., just like CC, cashout/pay them first, must WAIT at least 6 months, then file...No objections later from other CC/trustee/judge (for preferential treatment of one creditor over another).

[Minnymouth]

Any big payments to family members, friends, or creditors will just be seized back by the Trustee and distributed among ALL the creditors.

Trustee can go back 1 year or more as he see fit.......

If someone is keeping money in YOUR checking account - the law considers it YOURS..................

Whether you are filing separately or with your spouse, you need to have a consultation with at least 2-3 different attorneys and see what options are open to you......

[busbis]

Since your doing a chp 13, wouldn't it be smarter to file before the bonus since the trustee will be looking at the last 6 months of disposable income? I made large bonuses mid year that I will not be seeing this year so we didn't add them to our income. However, the trustee objected to this at the 341 meeting and said it must be shown. Now if I show this income, I am having to pay more as a monthly payment to them. I'm at 100% anyway, but I cushioned my budget enough where I wouldn't struggle each month. I did find some other expenses that my attorney and I will have to discuss in the coming weeks before my confirmation hearing.

[nazstar]

I am collecting a large bonus in 2 weeks. We are waiting to get the cash in hand and hold it for needed expenses over the next 6 months. In the meantime, our income will drop below the Chapter 7 limits and we can file.