Creditors claims

[Goldline]

What are the chances of any creditors filing a claim with only a $67 payment to distribute each month? I owe at least 8 creditors over $100,000 and I'm on permanent disability. I haven't had my hearing yet either.

[aa06a47]

What are the chances of any creditors filing a claim with only a $67 payment to distribute each month? I owe at least 8 creditors over $100,000 and I'm on permanent disability. I haven't had my hearing yet either.

They might complain, but not much they can do. They will more than likely spend a little money to try and find out if your hiding something. Remember, your payment has to at least equal what they would get in a chapter 7. If you have nothing, they will swallow hard and have to take it.

[LostOne0069]

How are you doing a chapter 13 with only $67 payment each month? I would think that they would say you can't afford a chapter 13.

[Jhbk29]

They might complain, but not much they can do. They will more than likely spend a little money to try and find out if your hiding something. Remember, your payment has to at least equal what they would get in a chapter 7. If you have nothing, they will swallow hard and have to take it.

see now that comment makes me nervous... We switched to the 13 from a 7 because we didn't kow the lien wasn't recorded on house and basically the lawyer screwed up.. we are with the new lawyer and he told us we would be paying like $700 a month. $300 for dh's vehicle, $300 for IRS, money towards lawyer payment, and then there was like $50 left over for the "other creditors" We didn't want to lose the house from day one.. So they could possibly force us back to a 7????? Geeeeeeeeeeeze i am soooooo confused

[SinkingFast]

see now that comment makes me nervous... We switched to the 13 from a 7 because we didn't kow the lien wasn't recorded on house and basically the lawyer screwed up.. we are with the new lawyer and he told us we would be paying like $700 a month. $300 for dh's vehicle, $300 for IRS, money towards lawyer payment, and then there was like $50 left over for the "other creditors" We didn't want to lose the house from day one.. So they could possibly force us back to a 7????? Geeeeeeeeeeeze i am soooooo confused

I think Aa was commenting about the fact that the new Benchmark payment amount is $100/month or $6000 over 5 years.

$67/month isn't anywhere near that.

I can't say they won't make you revert to a Ch 7, but if you changed to a Ch 13 to save your home, it will probably go thru. Trustees like to take things they'll make lots of money off of that will sell quickly and easily, for little costs.

[Goldline]

It's true, I can't afford Chapter 13, but after paying off my mortgages, allowing me my homestead exemption, and allowing 10% selling costs there is a little over $2000 equity left on my condo. The paralegal didn't want to take a chance on losing my home.

[aa06a47]

see now that comment makes me nervous... We switched to the 13 from a 7 because we didn't kow the lien wasn't recorded on house and basically the lawyer screwed up.. we are with the new lawyer and he told us we would be paying like $700 a month. $300 for dh's vehicle, $300 for IRS, money towards lawyer payment, and then there was like $50 left over for the "other creditors" We didn't want to lose the house from day one.. So they could possibly force us back to a 7????? Geeeeeeeeeeeze i am soooooo confused

Oh, I get you, your paying 700/month, but just a little will be going to unsecured creditors. Well, unfortunatly for them, the unsecured creditors, that is the way the cookie crumbles. As long as they get as much as they would in a chapter 7, you would be ok.