plan payment

[worried]

I filed a chap 13 in April and the 341 is scheduled for Wednesday May 28. My lawyer called and is trying to make this work with 750 a month for payments. I think it is way too high but it includes my house, back property taxes and income taxes and lawyer fees. It is for 52 months. Can I extend this to 60 months? Can we reschedule the 341 until we can work the payments out. I'm afraid I wuldn't be able to make it. The plan payment and mortgage payment will take my whole paycheck. And the rest of the bills will be paid by another family member (daughter) who also lives here. This means that she will have to pay all the other monthly bills like car ins, utilities, food, gas, car payments, etc. We will not have enough. But all the things I have to pay are secured debt in the plan. Do I have to pay these at 100% to keep the house? I tried to sell the house for a year but no one is buying. Took it off the market when I filed. I'm afraid I won't find a place to rent with no references because I didn't pay a house payment for a year. They had a sheriff's sale scheduled a day after I filed. If I don't go through this will they set up another sale right away. Will I have to move in a month or would I have 6 months again to live here. Thanks again

[Flamingo]

You are asking a ton of questions which you should direct to your attorney. Your Plan is worked out as to the financial information you provided your attorney as to your income, assets, etc. Before your 341 next week, call your attorney and express your fears before you go there. Were you provided a breakdown on paper as to your proposed plan? Everything should be there in black and white for you. There is not much left to survive on in a Chapter 13 after all is said and done. The lifestyle changes involved are enormous and can make you freak out before the Plan goes into effect. Many people cannot adjust to the big changes involved and lack of cash for things and many plans fail. Don't be afraid to ask your attorney anything - you pay him/her to represent you and provide you with that information.

Best of luck at your hearing...I hope all goes well for you.

[MomIcantFindmy]

I filed a chap 13 in April and the 341 is scheduled for Wednesday May 28. My lawyer called and is trying to make this work with 750 a month for payments. I think it is way too high but it includes my house, back property taxes and income taxes and lawyer fees. It is for 52 months. Can I extend this to 60 months? Can we reschedule the 341 until we can work the payments out. I'm afraid I wuldn't be able to make it. The plan payment and mortgage payment will take my whole paycheck. And the rest of the bills will be paid by another family member (daughter) who also lives here. This means that she will have to pay all the other monthly bills like car ins, utilities, food, gas, car payments, etc. We will not have enough. But all the things I have to pay are secured debt in the plan. Do I have to pay these at 100% to keep the house? I tried to sell the house for a year but no one is buying. Took it off the market when I filed. I'm afraid I won't find a place to rent with no references because I didn't pay a house payment for a year. They had a sheriff's sale scheduled a day after I filed. If I don't go through this will they set up another sale right away. Will I have to move in a month or would I have 6 months again to live here. Thanks again

First of all you cannot reschedule your 341 without a motion. It is a creditor meeting, your plan confirmation will come later. I would go to the meeting.

If your income is only $750 then why did you file a 7? Is there some of the secured debt you could surrender?

You need to speak with your lawyer and explain your situation to him and that you cannot make the plan payments. Come prepared with a budget that you can compare to your schedules.

If you do not complete your Chap 13 then it is likely your creditors will come after you immediately. If your house is sold at a sheriff's sale you can still end up being sued for the remaining balance of the loan that is not covered by the sale.

[rrockinggramma]

why are you trying to keep an asset you cannot afford? Let the house go in the chapter 13 and go rent a place that you can afford to pay the rent on. Why stress yourself out even more by continuing to pay for a place that drains you every month? You should still be able to rent something. Just don't go to the large national complexes. Many individuals rent to others with no credit check and in addition if you are upfront about your situation, I am sure you can find something. I have never been denied a place to rent and I have moved many times. And I have 4 BK's on my credit reports. (1 chapter 7, 2 dismissed chapter 13's and 1 ongoing chapter 13)

[worried]

My attorney is out of town until Tuesday. I will call him tomorrow but I've been stressed all weekend. My 341 is Wednesday and I know I can't do the plan payments. My income is not 750 a month it is 1600 and my daughter's is 1200 but the house payment is 800 and the paln payment is 700. almost double house payments. They put in the plan that my daughter would be paying me 600 a month for rent but it won't work because she has other obligations like car payments and she would have to pay everything that I can't pay like utilities, car ins, food, gas,etc. The plan is mostly mortgage arrears of 28000. Last I knew it was 17000 then it jumped to 21000 then now it is 28000. My attorney says they are allowed to add more fees on. What if I let the house go then they would not get that. Why do they do this. Anyways if I decide to not go through with the plan will I only have a month to get a place. Last I looked for a place to rent they asked for landlord references so I didn't call them back. Do I go to the meeting and then plan to fail and then what. When the house was scheduled for a sheriff's sale they did waive the deficiency amount. I supposed they will still do that now. Thanks everyone.

[rrockinggramma]

you need to go talk to a few landlords and don't be afraid of the references. Just tell them up front the situation. I am positive you are not alone! (especially now) There hopefully are plenty of places for you to rent. Look in your paper and find individuals that will rent etc. and then talk to your attorney about a chapter7

[BigJohn]

Your plan is for 52 months. I think you can go to 60 months so the payment can be reduced. I think this should have been worked out a long time ago. Never the less, you should talk to your lawyer and see what can be done.

[worried]

I will talk to my lawyer tomorrow. Anyways does anyone know how long the 341 meeting is for? Thanks

[wayne-o]

my 341 meeting was about 5 minutes long

[nojusticehere]

My attorney is out of town until Tuesday. I will call him tomorrow but I've been stressed all weekend. My 341 is Wednesday and I know I can't do the plan payments. My income is not 750 a month it is 1600 and my daughter's is 1200 but the house payment is 800 and the paln payment is 700. almost double house payments. They put in the plan that my daughter would be paying me 600 a month for rent but it won't work because she has other obligations like car payments and she would have to pay everything that I can't pay like utilities, car ins, food, gas,etc. The plan is mostly mortgage arrears of 28000. Last I knew it was 17000 then it jumped to 21000 then now it is 28000. My attorney says they are allowed to add more fees on. What if I let the house go then they would not get that. Why do they do this. Anyways if I decide to not go through with the plan will I only have a month to get a place. Last I looked for a place to rent they asked for landlord references so I didn't call them back. Do I go to the meeting and then plan to fail and then what. When the house was scheduled for a sheriff's sale they did waive the deficiency amount. I supposed they will still do that now. Thanks everyone.

Just asking, but why did your atty include your daughter in the bk? She pays you $600? What would happen if she moved out? Is she your dependent? Let the house go! Don't depend on others to help you make your payments because unfortunately something always happens and I really don't think it's wise to depend on someone else, it's a burden which may utimately end in failure. The BK is to help you start over, use it for just that. Give up the house and anything else you can. Try and allow this to get you to a less stressful place. Good luck to you.

[Cali]

I also think you should let the house go. This should be a plan that you can do yourself, without help from your daughter. Your daughter could move tomorrow and you would still have the payment to make.