can it be?

[NEWBIE911]

My lawyer says I just missed a 7 - and will most likely be in a 13 with a payment of 102/mo. I'm very skeptical. I am going in with 230k in unsecured debt. I have a 140k HHI - I mean my lawyer has my deductions / expense exceeding my income but i still have a heard time believing i will get a payment that low. If the court orders a ridiculously high payment what are my options? Any thoughts?

thanks!!

[liz417]

Possibly...your attorney would have the best idea of what the trustee will/will not allow. If you are so close to a 7, what is holding your attorney back from fighting for a 7for you? Obviously, it's much better to wipe the slate clean and start over then to drag it out for 3-5 years. Either way, I'll keep my fingers crossed for you , $102 is a great payment!
Good Luck and keep us updated.

[MJJ3767]

Mine was $115 over 3 years until my attorney realized that I have an IRS lien. So we had to take what little I own, personal belongings and a paid off old car and consider those "secured" since the IRS has a lien on everything I own. Now my payment is $127 over 5 years since I have to pay the IRS for my old car and my personal belongings.

[NEWBIE911]

Possibly...your attorney would have the best idea of what the trustee will/will not allow. If you are so close to a 7, what is holding your attorney back from fighting for a 7for you? Obviously, it's much better to wipe the slate clean and start over then to drag it out for 3-5 years. Either way, I'll keep my fingers crossed for you , $102 is a great payment!
Good Luck and keep us updated.

Thanks Liz - I was actually going to push back and fight for the 7 until I read a 13 is actually viewed a bit more favorably on the credit report (and it sticks for 7 vs 10 years) - that true?

[justbroke]

Thanks Liz - I was actually going to push back and fight for the 7 until I read a 13 is actually viewed a bit more favorably on the credit report (and it sticks for 7 vs 10 years) - that true?

Regarding credit reporting.

The public record which reflects that you filed for Bankruptcy, will stay for 10 years in a Chapter 7, and 7 years in a Chapter 13.

The accounts that were IIB (included in Bankruptcy) will report as such for 7 years from the date you filed your case.

My lawyer says I just missed a 7 - and will most likely be in a 13 with a payment of 102/mo. I'm very skeptical.

If you're close, you can fight it. It's a totality of circumstances which really drive it.

[NEWBIE911]

Regarding credit reporting.

The public record which reflects that you filed for Bankruptcy, will stay for 10 years in a Chapter 7, and 7 years in a Chapter 13.

The accounts that were IIB (included in Bankruptcy) will report as such for 7 years from the date you filed your case.

If you're close, you can fight it. It's a totality of circumstances which really drive it.

Thanks - So, it is worth the fight? (even if I get that low monthly payment)

[justbroke]

Thanks - So, it is worth the fight? (even if I get that low monthly payment)

Depends on several factors. How close you are to the magic number. How much your lawyer is going to charge you if he doesn't consider this routine (note: in some States, they have a no look fee and this type of defense may or may not be included in a no look based case).