Financial breakdown - Help me figure this out please

[InOverHead]

Hey Thanks! just had to jump in there! Getting full of grease is the best! Right Pandora!

I Figured you're a wrench...either that or a native american J/K
(meant affectionately)

[InOverHead]

Nope, didnt assume that at all, no worries. Yes we are in a CH. 13, payment of $600 month/60 months. To back up and answer your previous question regarding the Trustee/judge - yes - both can object to your proposed plan in a 13 - and cutting areas down to the extreme minimums (like above) wont get you confirmed unfortunately. You have to meet your basic needs first and foremost, allowing for everything necessary or you'll fail your Ch. 13 plan. Not only that but you're going to be very hard pressed to be allowed to keep all the vehicles with those payments because its nearly half of your income a month.

Best bet it so schedule some consults with a few attorneys (good ones), asking all the same questions you've done here and then go from there, keeping in mind that its possible the attorney(s) advises you you'll have to let some things go.

RE: working on the car - I enjoy it. It's great to be able to do things like that and know what does what in the engine of any car, but nothing compares to the classics vs. today's engines. Wouldnt touch one today..no sir - we leave that to our mechanic, although hubby could do it - he prefers not to. Too many computerized do-hickeys for his tastes .

Thanks Pandora. You are right about all the modules in cars now. Mechanics are going to need Computer engineering degrees...

I really should be forbidden from working on cars tho - initally paid a shop to put in a catback, watched and it didnt seem worth the $150, plus i read the instructions and they didnt and i saw areas they messed up, so when it came time for headers...figured i would give it a shot. Took almost 3 weekends, my back hurt so bad, learned new cuss words, and busted up some knuckles. All in all i learned about my car but probably would have been better to go to a shop with a lift etc...

[InOverHead]

Do you know if you are over the median income in FL? If you are going to be on a 60 month plan, if the cars will be paid off in less than 60 months, you divide what you still owe on them by 60 and that is the payment you make in your ch 13.

For example I owe $15,500 on my car and I am in a 60 month plan so my payment in the ch 13 would be $258.00 plus 4% interest in the plan. Also, since I have had the car for more than 3 years I can cram down the value of the car to what it is really worth. I got an estimate for repairs that the car needs and combined that with the blue book value and filed a motion to value the car at $8600. So my car payment in the chapter 13 is $165.00 a month. That type of thing can help reduce the car payments and make room in the budget but it all depends on how long the loans have left to go.

As a single person, I don't see the trustee letting you have more than one car. I had to give up my 2nd car. A good lawyer should be able to work out something where the car for your mom is kept if she is paying for it. They would either count her payment as income or some other arrangement where that expense would be eliminated. Ch 13 takes a lot of work and thinking but it can be very helpful.

Are you sure you want to keep the house even without the 2nd if it would still be underwater $75,000? If the payment is similar to rent it might not be a bad idea but make sure you want to stay there for a looooong time as it will be hard to sell and move. Make sure you get the most out of your freash start.

Consultations from more than one lawyer are a must. Make sure you find one that will fight for you and wants to help you, not one that wants to make it easy for themselves. They should be able to give you a pretty good idea where you stand during the consultation.
Hang in there and good luck!

Thank You, Cristo. I am in an unfortunate spot on all accounts. Over the median by a couple grand, missed being able to do a HAMP by $30, barely into the next higher tax bracket...

I thought you either pay the trustee to make payments for you, or make them yourself as they are...reaffirm or whatver? Definitely think about walking away, and know of peopel who have not paid anything on MTG 2+ years and still living there! Fact is $780 is not a bad payment and not sure if i could do better renting. I would just not pay the 2nd but know they will start tacking on crazy fee's and the loan will always be there - so say i live there 5 or 6 years and get enough equity for them to sell...i'd be out. I also know that when requesting the Mod withthem they had me sign a paper that gives permission to talk with my 1st! So they could possibly work a deal with them? They really are a shady bunch!

Anyway, thanks again for your thoughtful post.