liquidity

[fried]

Greetings!

We are close to a 13. Our income likely precludes a 7, and we want to keep our house. We are in CA.

Found out we have about $50K in stock.

Approx. $90K in cc debt.
Approx $25K in priority unsecured debt. (income, property taxes.)

mortgages, prop. taxes, ins., and day care eat up about 83% of net income.

atty says to live off the stock, and file 13 in a few months.

sound like good advice?
any other advice?

thank you.

[justbroke]

Are you currently employed? Are you underemployed? Did your lawyer suggest that you quit your job?

First, your income wouldn't preclude a Chapter 7... it's your expenses relative to your income. Second, what are you really trying to do? Save your home? Stave off collection activity? The only thing you write about is that your expenses are 83% of income.

[fried]

Greetings!

We are close to a 13. Our income likely precludes a 7, and we want to keep our house. We are in CA.

Found out we have about $50K in stock.

Approx. $90K in cc debt.
Approx $25K in priority unsecured debt. (income, property taxes.)

mortgages, prop. taxes, ins., and day care eat up about 83% of net income.

atty says to live off the stock, and file 13 in a few months.

sound like good advice?
any other advice?

thank you.

Trying to:
Save the house
get collectors off our back
get finances back in order

both currently employed. I was unemployed for 2 years. now, underemployed compared to when mortgage written. mortgage servicer refuses to modify terms.
atty did not say to quit job(s).

[justbroke]

I'm not sure if you're actually behind on your mortgage. If you are, your only option is probably a Chapter 13, given that your lender won't even work with you on a modification.

I don't understand why you would live off stocks for months then file Chapter 13. If you have that much in stock, you could catch up your mortgage, pay priority debt (taxes)... and wait for a Chapter 7. Is this attorney good at asset protection? Can you put the stock into the home (if it's not severely underwater, otherwise I wouldn't even think about doing this). I guess I'm asking, what's the whole purpose of burning through the stock value?

I'm missing something.