Curious about monthly payments...

[Brookamy]

I'm thinking I'll be forced to do chapter 13. Just wondering how much people are paying a month for their payments.

I'm hoping to get rid of $33,000 of unsecured debt. I would like to keep my house and my car.

I wish there was a way for me to know now how much my payments would be....I meet with an attorney next week so I guess I'll know more soon.

[HHM]

Ok, you are getting overly paranoid and you are over posting. The fact is, your payment is very easy to determine and is in no way related to what other people pay.

It is just this simple...

Add up all sources of income.
Subtract "allowable" expenses (granted, that is the hard part, see IRS standards).
What ever is left over is what you pay.

What other people pay is completely irrelevant to you.

Also, when you post, don't assume others are keeping tabs on your situation from post to post. I have seen some posts you have made that are woefully deficient of background and most members are not going to take the time to find your other threads to figure out what to tell you.

[Brookamy]

Thanks.

[Lajazz947]

Brook,

I am an information junkie so I know where you come from.

I have found it best to google a subject which helps you formulate a question for the forum.

Good luck, don't stress. I happen to think that the hardest part is coming to the realization that you have to file something and you've done that.

[AngelinaCatHub]

I agree with Lajazz947, in that you have filed and on your way. If you haven't go for 7 and get rid of it all. New start. Anytime you get a letter with law numbers in it, look them up. Yes not to make a lawyer out of you (God forbid) but keep your cool. NO ONE has more technical probs than I have and so far they have been kind to me. That means the Trustee and his "investigative" lawyer.

This is a business decision and don't take it personal. You are a pioneer of what there is to come if thngs don't get better here in the U.S. 'Hub

[Brookamy]

Thanks Hub and Lajazz...I just need to stop worrying and see what happens. I just have no idea how any of this works. Just got a couple packets for a two different attorneys to fill out. Crap...talk about a lot of information to collect and get to them.

[Flamingo]

Just remember one thing - your situation is different than anyone else on here. A lot of the information you will get will apply to you and a lot won't. You can get confused and it causes a myriad of questions and anxiety. Try not to let all the information at once flip you out. When you talk to the attorney it will be like a breath of fresh air because it will all fall into place for you and he/she knows what to do as to all involved in your situation and will do what is best for you or what you can legally do (Chapter 7 or Chapter 13). All the nail biting in the world won't change that. Been there - chewed a lot of nails for no reason - it all eventually gets resolved...those of us who have been through it can attest to that!

[liz417]

Hi Brook,

I KNOW this is hard and I KNOW (as everyone else here) what you are going through! Take a step back and breathe...you'll be fine. I had all the same questions you did ( think you are a few "steps" behind me ) and it wasn't until I met with an attorney that I got some answers. I'm sure all the people who have been here awhile have seen many "newbies" and they all have the same questions (thanks for all your patience!). As everyone here has said before, every situation is different...yes, I want to KNOW how much we will probably pay per month, but it isn't until you start the proces and fill out the paperwork, that you will have an "round-about" answer. The attorney will walk you through all of this...s/he will know what's best. From what I gather (reading posts), this is going to be a very long road, so make sure you are clear on EVERYTHING and that you are comfortable with your new payments too!

Go to the IRS living standards and figure out what your state allows. Now remember, every case is different, and different allowences will be accepted. I am over a few of the allowences (my husband commutes 120 miles a day), but I am ready to defend any and all my expenses. Be prepared, read everything you can on this and most importantly, make a list of questions for the attorney(s) because you won't remember what to ask until you are home!

Good Luck!

Liz

P.S. I am about $72,000 in cc debt and will be saving my home and two cars.

[EndInSight]

Flamingo is right as are the others who have been or still are/just starting out up the 'sometimes' slippery slope of either a 7 or 13.

Albeit time lenghts vary from 90 or more days to the end of a C7 and C13's can go from 36 months to 60 BUT NO more than 5 years....PERIOD.

I have to say that filing under the old law did NOT require nearly the reams of paper and words that one needs to have for filing since the law changed in.......was it 05 or 06? Darned if I can remember?

The amount of payments differ wildly because in C13 you must pay back at the least the same amount of $$$ that would of come from filing and finishing a C7 where your assets are NOT protected.
(Do I have that right, guys?)

It's not easy either way, that's for sure!!

The law change was supposed to lower the numbers of filing (by making it harder) either chapter and to push those that filed C7 into a C13.....???>>>scratches head

Just know we are all here for the same reason.

Miss Posh