Financial breakdown - Help me figure this out please

[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.

[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]

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)

[Cristo]

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!

[enginegirl]

yup grease and the smell of jet fuel in the morning!! 2 of my favorite things! ;)

[Pandora]

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

You too huh? Well.. if there's you and I thus far, there has to be more on the forum dontchathink? Hubby said to me when we were dating the first time he was working on the car... "If I wanted you to stand there and look pretty doing nothing I'd tell ya - but you can stand there, look pretty and help work on the car, so here (hands me a wrench) - go for it" LOL!

Gotta love it

[Pandora]

sorry if assumed your finances werent in order...just figured you were also paying into a Ch. 13 budget and was tied down for awhile...

Cut the Home phone - 80 Now
Bagged lunches all week - 200 food
Utilities - more careful with them 100-120
Med Ins comes out of paycheck already
Lowered coverage on auto insurance - 1300/6 = 216
Fuel - I can work out with employer - maybe 50
MTG may go down as taxes are now less 740? guess
Can tell mom she really has to pay for cellphone at least temporarily - 70

I am leaving $200 for misc and 40 for Dog Food and have 196 left

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 .

[enginegirl]

There's something special about a girl that doesnt mind getting a little dirty...super cool!!

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

[InOverHead]

Shhh...I'm a grease monkey too, but dont tell anyone have torn down the engine more than once with hubby and helped him rebuild it. Much fun!

There's something special about a girl that doesnt mind getting a little dirty...super cool. Your hubby is one lucky dude!

[InOverHead]

sorry if assumed your finances werent in order...just figured you were also paying into a Ch. 13 budget and was tied down for awhile...

Cut the Home phone - 80 Now
Bagged lunches all week - 200 food
Utilities - more careful with them 100-120
Med Ins comes out of paycheck already
Lowered coverage on auto insurance - 1300/6 = 216
Fuel - I can work out with employer - maybe 50
MTG may go down as taxes are now less 740? guess
Can tell mom she really has to pay for cellphone at least temporarily - 70

I am leaving $200 for misc and 40 for Dog Food and have 196 left

[Pandora]

Yep the charger is the highest! You know your Mopars girl! I hope when all your finances are straightned out you get one of the new...not sure if they are called "furious fuscha" or "panther pink" but either way, get a Pink Chally! Oh and the new 6.4L is out...im dreaming about it tonite!

Shhh...I'm a grease monkey too, but dont tell anyone have torn down the engine more than once with hubby and helped him rebuild it. Much fun!

[Pandora]

well yeah... it kinda is to a point, but since you asked (and I have insomnia.. ) figured what the hell, lets give it a go.

Lets take out mom's contribution for giggles - as well as take out all the other vehicles except the Charger (ok I'm being biased now!), all credit cards, the auto insurance, and the 2nd mortgage - but still using the $3126....

I'm coming up with $317 left a month - yet you'd have to get car insurance as well as be able to afford your mortgage when it increases.

What did you come up with and remove?

ETA: Crud - I just saw that you didnt have any $ taken out for maintenance for house and car (oil changes, tags, personal property taxes *if applicable in FL*, etc). You have to account for those items as well.

[InOverHead]

ah ha! Richard Petty would be proud LOL! Friend of ours has a 69 Superbee - *sighs* I think hubby drools every time he see's it and turns into a blubbering idiot ;)

I'm so glad they finally remade the Charger to look half decent. Still not a 69...but for a new car, its okay. Have you seen the Challengers?! OMG... I'm the one drooling when I see one of those! lol!

ETA: Going to assume the $614 is the Charger payment...correct?

Yep the charger is the highest! You know your Mopars girl! I hope when all your finances are straightned out you get one of the new...not sure if they are called "furious fuscha" or "panther pink" but either way, get a Pink Chally! Oh and the new 6.4L is out...im dreaming about it tonite!

[InOverHead]

It's definitely close but i think i can make it work. Need to have my Mom's contributions count and need her to try and be more consistantly around $500. Nice! Now i am feeling slightly more encouraged! Thanks again Pandora...You're Grrrreat!

But isnt all the pondering mute anyway because this is assuming not paying any on the 2nd or the CC's. Can't any or all object? Also, the trustee could just say NO or the judge, right?

[Pandora]

Yes! a big smile and a fleeting moment that i am not a lunatic and someone else understands...it's not just a Charger, It's a SuperBee. Your hubby has excellent taste and it must be something about Mopar that makes us do crazy things! Thanks Pandora...you are awesome!

ah ha! Richard Petty would be proud LOL! Friend of ours has a 69 Superbee - *sighs* I think hubby drools every time he see's it and turns into a blubbering idiot ;)

I'm so glad they finally remade the Charger to look half decent. Still not a 69...but for a new car, its okay. Have you seen the Challengers?! OMG... I'm the one drooling when I see one of those! lol!

ETA: Going to assume the $614 is the Charger payment...correct?