what should i do when i dont have the money?

[pitt]

Ok. long story short. I have two car payments, totalling close to 900 a month. They repossessed one and they are coming to take the other one. I simply cannot afford to pay them every month. We went to see a bankruptcy attorney. She recommended chp 13. They proposed a plan that allowed all my creditors to be paid off within 5 years. They included my 3 car payments, house payment and 2 credit card debts. The total was too much for me to pay. I just struggling month to month keeping my house payment current. What should i do? Let the other car go back. I know someone said that i dont have to put all the debts on the plan, however what can chp 13 do for me now? I dont have that money they proposed me to make every month. Should i just let them go back and start over fresh with a good used car i can pay cash for. I then worry about the bill coming to me after the cars are auctioned off. PLease help

[jamist649]

If your house payment is current, there is no need to include it in the bankruptcy. What I would do (just me, not legal advice of any sort): Keep the house current, do your best to buy a good used dependable car even if you have to go to a "buy here pay here" type place and surrender the other car. Go to another attorney and see if you can File 13 paying your house OUTSIDE the plan. This should bring your BK payments down considerably. You won't have to worry about deficiency balances on the cars if you file BK and include them, after the cars are sold it is UNSECURED debt and therefore dischargable in BK. Best of luck to you.

[AngelinaCatHub]

I think you need to see at least a couple more attorneys to get their opinions--most give free 30 min consults. From what I am reading here, if it is a struggle to keep the house payment current, you may be better suited to C7 rather than C13.

Good luck.

[cool33097]

I agree with with what Hub said.

[lrprn]

We went to see a bankruptcy attorney. She recommended chp 13. They proposed a plan that allowed all my creditors to be paid off within 5 years. They included my 3 car payments, house payment and 2 credit card debts. (

My concern is that the lawyer is trying to help you keep assets that you really can't afford on your current income.

I need to ask some questions first so we can sort out your financial situation better.

How much income from all sources have you (and spouse if you have one) made in the last six months? Do you have dependents living with you? What state do you live in?

How much total secured debt (house + all cars + any other secured assets you want to keep) do you have? How much total unsecured debt do you have? What secured assets do you want to keep?

Are you current on all of your secured payments right now? What assets can you live without to get a fresh start?