Another question

[Mom2one]

We will most likely be filing chapter 13 in September. I am having a hard time with payments and such. I was wondering for those of you in a plan already are your payments reasonable. Also we get a 2K tax refund every year. As my husband claims my son and I. Will that get added in and show that I have to add more to my payment? I am afraid that I will be able to pay my mortgage. utilities, car and food and have nothing left after my payment!

Thanks
Christine

[MomIcantFindmy]

Some people have a hard time making the payments and others have no problem. Quite a bit depends on your attorney, and trustee. If you are getting a refund some trustees take them all 5 years of your plan unless you are 100% payback. The best bet is to find a good attorney who knows the trustee's and can help you.

[liz417]

Hi there,

We will be filing ch 13 in Aug and our attorney said that the trustee will take our taxes and my hubby's bonuses for the next 5 years...

As for the reasonable payments, I sure hope so! I am currently filling out the "expenses" for our lawyer. Go to the IRS website and look at the standards for you state/area...that would be a good starting point.

Good Luck!

[Flamingo]

Your Plan is based on your own particular financial circumstances; everyone on here will have something different and be allowed to do something that you are not or cannot do something you are allowed to do. Anyway, when your Plan is confirmed, the amount of your Plan payment was reviewed carefully by the attorney and trustee knowing that you will be able to make that payment and successfully complete your plan. It's how you conduct yourself during that period that will make your Plan successful. The lifestyle change is the hardest and you will need to learn to budget and then budget some more. There is no easy answer; it will all come with experience for you.

At to your refund question; IF your refund is kept by your trustee, that amount does not reduce the amount in your Plan but is added in over and above and distributed accordingly to your creditors. It does not reduce your Plan or your Plan payment. It is considered additional disposable income. Note I am stating IF; there is no reason to get upset now cause I know you have a lot on your plate and are worried over your situation but you cannot bank on something which has not yet occurred. Take one step at a time as to filing and what occurs with you as to your Plan will occur and you will adjust accordingly.

[EndInSight]

MomZone,

Flamingo (and others) always has good advice and the tone of her answers give a calming effect.

Remember all of us C13'ers have/are experiencing the same fears and concerns.

My advise to you is to stay w/this forum. You can rely on us especially when times seem/are really tough.

Hang in there as the light at the end of the tunnel "does" get brighter.

Miss Posh
Completed and Closed
9/18/03---6/23/2008
Waiting for Final Discharge Papers

[Mom2one]

I guess I am just afraid of getting a payment that I cannot afford. Before we decided that BK was the only way out of situation. My husband worked as much overtime as he could, then it was cut. So our 6 month lookback does not show the pay that we are getting now. So we are waiting for some of the overtime to fall off. We found a very nice attorney. Has answered all my questions as best as he coulld. He even answers all my emails. He was fine with us waiting to file. We are just hoping we don;t get sued. I have done my husbands net pay for the 6 month lookback and subtracted our real time expenses and the payment is a little over 150. I know thats not what it will be but uh I know I am rambling. I also made sure that onoe of our actual expenses were over the IRS standards. Here's hoping for an afforable payment. Oh and we have been living on cash. wish a strict budget. Never leave the house really due to gas.

Thanks
Chrissy

[MajorMike]

Make sure your hubby gets every cent he can in his paychecks and NOT in a refund, just in case.