Just filed and really scared (Texas)

[momofthree]

Also my father filed bankruptcy before he became really ill...he has WAY more debt then me and only pays 235.00 a month with 85% to unsecured....so why would mine be anymore more this his, but I do know everyone's situation is different?

You'll be paying your car payment inside your plan, and it has to be paid in full upon plan completion, add in attorney fees and trustee fees, and you're looking at a payment of more than $235. If you look at my previous post, you'll see the total comes in around $350/mo. BUT you wouldn't be making your car payment anymore--JUST the trustee payment.

[sucks2bndebt]

You'll be paying your car payment inside your plan, and it has to be paid in full upon plan completion, add in attorney fees and trustee fees, and you're looking at a payment of more than $235. If you look at my previous post, you'll see the total comes in around $350/mo. BUT you wouldn't be making your car payment anymore--JUST the trustee payment.

but that's also on a 36 month plan....and I am not aiming for 36 months.....

also his total debt is approx 26k...which about 15k of that is 100% payback (back taxes)

[Pandora]

but that's also on a 36 month plan....and I am not aiming for 36 months.....

also his total debt is approx 26k...which about 15k of that is 100% payback (back taxes)

You may not get to choose which you get... if you're under median in a 13, it's generally 36 months UNLESS you are opting to keep non-exempt assets which would fall under the CH. 7 liquidation rule. In that instance if your DMI doesnt support a 36 month, it can be extended to 60 months.

You cannot compare your Ch. 13 plan to your father's - everyone is different due to expenses. Momofthree is correct - even if they cram down the value of your vehicle to 8K as well as the interest rate to 6% - your payment for a Ch. 13 (car, trustee, and lawyer fees) will be about what you're paying currently just on your vehicle. If you get lucky and your trustee allows you to extend to the 60 month timeframe, your payment will still be over $200 a month for 5 years for just the car, trustee fee and lawyer.

Any other debts you have also get rolled into the pot, so keep that in mind. Unsecureds may not get anything, but you have to include all debt.

[momofthree]

but that's also on a 36 month plan....and I am not aiming for 36 months.....

also his total debt is approx 26k...which about 15k of that is 100% payback (back taxes)

You must have some of his numbers wrong, then. $15k is $417 + trustee fees + attorney fees over 36 months; or $250 + attny fees + trustee fees (at least $300/mo minimum) over 60 months. Either he's not paying back as much as you think he is, or his payment is higher.

[NowImDownInIt]

Santander is the devil. My car was through Drive, which Santander owns. I too filed 13 because I was losing my car and there literally was NO other option at the time if I wanted to keep my job. Santander won't work with anyone, they just want to get paid.

[NowImDownInIt]

but that's also on a 36 month plan....and I am not aiming for 36 months.....

You see, this is what concerns me. You filed last Thursday. You should have known when you signed the paperwork to file, what length of plan you were looking at and what payment was being submitted. I would be scared too if I just signed 3-5 years of my life away and had no idea just how much life I would have in the meantime.

[sucks2bndebt]

You see, this is what concerns me. You filed last Thursday. You should have known when you signed the paperwork to file, what length of plan you were looking at and what payment was being submitted. I would be scared too if I just signed 3-5 years of my life away and had no idea just how much life I would have in the meantime.

Well from what I do know, in the place of the process I am in now, I still have time to walk away.....and before I stress myself out to being sick I will give my car back and dismiss it...so no, I have not "signed my life away"........They may have just filed a skeleton since it was very late and Santander had just literally left my doorstep.......PACER shows that I have until next month to submit my Chapt 13 budget plan, PLUS I think you guys aren't understanding...it is not that I could NOT AFFORD to pay my car note it was just that I was severely behind trying to catch up, which Citi was allowing me to do, but once Santander took over they did not want to continue with what Citi had worked out for me to do nor did they not want to re-modify my loan.....

I don't have kids, nor do I have a mortgage...my household expenses aren't high as well...when I did submit my questionnaire paperwork, I put a little padding for JIC (just in cases) which once I sit down with my lawyer this week, he will probably have to adjust that....so at this point even though I am a little bit afraid...I'm going to have to step out on faith that this will work out in my favor....if worse comes to worse I will try filing chap 7 and look into a 722, but from what I've read and googled, that does not look like a "good" idea either!