Payment New B Question?

[eltaur2000]

Debt

52k CC
150K Mortgage
50k Student Loans

Salary 60k a year.....

Can anyone take a shot at my payment amount?

Does my CC debt affect the total of my payment?

[mountanddo]

It's going to be hard to determine a payment with the limited information you've given. Everyone's bankrupcy is different. Is there a reason why you aren't thinking about filing a C-7?

[LadyInTheRed]

The amount of CC debt does not determine your payment amount.

Your payment amount is based on your disposible income (your income minus your living expenses). The liquidity test may also apply. HHM explained how the payment is determined in his first post in this thread: http://www.bkforum.com/showthread.ph...doesn-t-matter)

You can get an idea of what your disposible income is by using the means test calculator at http://www.legalconsumer.com/bankrup...2&sponsor=nolo. But, don't take the result as gospel.

Forum members may take a shot a guessing what your payment might be if you provide more info.

What is your household size?
What is your net income?
What is your monthly mortgage payment?
Do you have any other secured debt payments on property you plan to keep (car loan)? If so, what are the monthly payments?
Do you have any non-exempt assets? What is the non-exempt value?
Do you owe any back taxes? If so, how much?
Do you pay any alimony or child support? If so, how much?
Others may come up with something I missed.

[LadyInTheRed]

Is there a reason why you aren't thinking about filing a C-7?

Good question. I asked about that in another thread.

eltaur2000, if you have another person in the household, $60k is below median income in IL, so you should qualify for a 7. Even if you are a one person household and above median, you may still pass the Chap 7 means test at the link I posted above.

[eltaur2000]

Chapter 13 becuase I want to keep all my stuff. Chapter 7 I will loose my car and watch and appliances.

What is your household size?
1 Person

What is your net income?
60k a Year Paycheck is 1470 after tax every two weeks. I'm paying about 40.00 a month for a 401k loan.

What is your monthly mortgage payment?
$1080

Do you have any other secured debt payments on property you plan to keep (car loan)? If so, what are the monthly payments?
None Car was paid 1 year ago. Worth about 6-7k

Do you have any non-exempt assets?
8k in Watch and about 8k in apliances (4k Still owed to Best Buy) Included in CC Debt

What is the non-exempt value?
Have no clue what this is?

Do you owe any back taxes? If so, how much?
Every account is up to date. I'm just getting information for the first time.

Do you pay any alimony or child support? If so, how much?
Nope

Others may come up with something I missed.

[jcj112562]

Next thing you need to do is look up what exemptions there are for your state, the federal exemptions, and figure out which set you can/should use, and see if you can fit all the "stuff" you want to keep within them. Remember, apparently it is the love of travel and "stuff" that got you to this point in the first place.

John

[eltaur2000]

Stuff

I thought that was the whole point of filling Chapter 13 to keep my stuff.

The watch Is paid for so what would be the problem? I thought the exceptions were for chapter 7?

Help me keep in mind I'm I don't undestand the jargon. I know I live my life carelessly trust me I don't need nobody to pull my ears.

[AngelinaCat]

May I ask how old you are? Also what is your health like?

Also, it is possible to file a Ch7 and keep some of your stuff that is not covered by your state's Exemptions. If you have things that are not covered by the Exemptions, then you become an Asset Case, and the Trustee may offer you the option of buying your non-exempt items back from the BK estate.

Go through some of the Stickies in both the Ch13 Board, and the Ch7 Board. The more you read and learn, the better you will understand the process.

And no one is here to "pull your ears off".

[eltaur2000]

Stuff

I'm 31 a bit chunky but in good health.

I want to keep my house, car, watch, appliances.

I want to pay them back and I can pay back the principal but the interest will burry me in debt. It will be another 30k in in interest and it will ruin my credit anyway so that's why I'm looking to make this move sometime next year.

I'm pretty responsible I have over 300k in credit available credit and I was a shoe in for 100k job that would have more than plenty to pay my debt in under one year.

I tend to spend it before I get it the American way and the job fell throu. There is still a possibility the job might call. I was a finalist and we were waiting for hr approval. I know the job is mine but I can't count on it for sure.

[mountanddo]

Honestly I don't think that appliances that you haven't paid for yet, one watch worth 8k and a car worth 7k is going to cause you to lose any of it. It's really not that much depending on when you bought them. You say the watch is paid for. Is that part of the 52k in CC debt? They may let you keep the appliances depending on when you bought them. Most attorney give a free consulation and can help you determine if you qualify for a chapter 13 or a chapter 7 and explain the basics. I would suggest you start there and then once you get an basic understanding about bankrupcy and the differences between the two be sure to then read, read, read about everything you can get your hands on.

Are you being sued or have you received a summons? Are you still paying your credit cards and are they current. If you are still current and you aren't being sued for non-payment you have some time to make an informed decision. There are certain timing issues that you have to be aware of before you file.

Honestly from your other post you sound like you would like advice on what the best way to get the most out of bankrupcy. Sure some people figure out how to work the system but I don't think you are going to find advice on how to do that on this board. You aren't going to be able to continue to live the way you have been and be in a chapter 13.

Being in a chapter 13 is not going to be an easy ride. Yes, you can live but it will be difficult no doubt about that. If you don't find out all your options and get informed a chapter 13 will never work for you and you will fail.

[AngelinaCat]

I know the job is mine but I can't count on it for sure.

No you can't. Even when you are in the HR office signing up for your insurance, W2 Form, and everything else, something can happen to have it all pulled right out from under you. It has happened to me.

[mountanddo]

No you can't. Even when you are in the HR office signing up for your insurance, W2 Form, and everything else, something can happen to have it all pulled right out from under you. It has happened to me.

Yep, that just happened to someone where I work. He was hired at $117k 9/1. He was laid off last Friday, the same day he returned his benefit forms. His benefits ended Friday.

[eltaur2000]

Honestly I don't think that appliances that you haven't paid for yet, one watch worth 8k and a car worth 7k is going to cause you to lose any of it. It's really not that much depending on when you bought them. You say the watch is paid for. Is that part of the 52k in CC debt? They may let you keep the appliances depending on when you bought them. Most attorney give a free consulation and can help you determine if you qualify for a chapter 13 or a chapter 7 and explain the basics. I would suggest you start there and then once you get an basic understanding about bankrupcy and the differences between the two be sure to then read, read, read about everything you can get your hands on.

Are you being sued or have you received a summons? Are you still paying your credit cards and are they current. If you are still current and you aren't being sued for non-payment you have some time to make an informed decision. There are certain timing issues that you have to be aware of before you file.

Honestly from your other post you sound like you would like advice on what the best way to get the most out of bankrupcy. Sure some people figure out how to work the system but I don't think you are going to find advice on how to do that on this board. You aren't going to be able to continue to live the way you have been and be in a chapter 13.

Being in a chapter 13 is not going to be an easy ride. Yes, you can live but it will be difficult no doubt about that. If you don't find out all your options and get informed a chapter 13 will never work for you and you will fail.

Why would I not get the most from my bankruptcy Donald Trump did it and thousands of corporations do it all the time. I have no problem with paying what I owe. I paid for my car my mortgage is never late and my credit is in 780's.

I had a 18k surgery that I was paying and I ended up with plications and another bill of 7k. I bought my new house and some appliances. Those are are all 60 month interest. I can pay all that without a problem. It's the CC and their interest that are going to burry me. The principal is not a problem.

How dare you try to discredit me or talk down to me for finding the best possible solution to my future problem .

[justbroke]

eltaur2000, I believe that the best for you is to get 3-5 "free" consultations with some attorneys in your area. I believe that everyone is saying that you may actually be able to keep your things... without filing Chapter 13. For example, the "liens" on appliances, would pass through the bankruptcy anyhow! Besides, they may be "household" goods and subject to being avoided. These are the things that an attorney can help determine when they get all your financial information. Even without avoiding liens on your new appliances, you could keep them anyhow since they may be considered "secure" debt. That means, you just keep paying for them.

It's hard to compare Donald Trump to any of us. Those types of debtors use Chapter 11 which is entirely more complex than a Chapter 13. In fact, GM filed Chapter 11 and came out of Chapter 11 in just 40 days. Yes, discharged in 40 days.

I would not even worry about the watch. You could "buy" it back from the Trustee. But why keep an $8,000+ watch? I gave up my Cartier and wear a simple classic Movado now. If I asked you to give me your $8,000 watch so that you could discharge $45K in credit cards? In fact, why not sell the watch and settle with the creditors?

Should you choose a Chapter 13, you will need to pay at least the value of the $8K watch and the $7K car (less the exemptions), in the Chapter 13. If you are under the median, that means 36 months. I would guess at least $14K to pay back the car and watch alone (over 36 months) or about $389/month. Then, there is the other secure debt which may include your appliances -- based on whether you can avoid the liens. That could be another $400/month over the next 36 months. Then you'd have your home to pay $1,000/month, Trustee fees (maybe like $200/month), and attorney fees. That's $2,000/month just for minimum debt service. Then you might end up having enough DMI to pay 100% over the next 36 months (which is likely)... at maybe $45000/36 = $1,250/month.

It may work, but it would probably be a 100% plan anyhow. You won't know until you have an attorney REALLY work the numbers; or you work them yourself.

[papie]

Why would I not get the most from my bankruptcy Donald Trump did it and thousands of corporations do it all the time. I have no problem with paying what I owe. I paid for my car my mortgage is never late and my credit is in 780's.

I had a 18k surgery that I was paying and I ended up with plications and another bill of 7k. I bought my new house and some appliances. Those are are all 60 month interest. I can pay all that without a problem. It's the CC and their interest that are going to burry me. The principal is not a problem.

How dare you try to discredit me or talk down to me for finding the best possible solution to my future problem .

Corporate bankruptcy is completely different from personal bankruptcy, and most corporations that file bankruptcy don't "get the most from it." There is no sense in even comparing yourself to a corporation.

And, you apparently DO have a problem paying for what you owe, because you stated paying interest on your debt would bury you. The interest is part of what you agree to pay when you took on credit cards and therefore, it's part of what you owe.

No one is trying to discredit and talk down to you, they're trying to tell you that your expectations for bankruptcy are not realistic. There is no trustee out there that is going to say, "gee eltaur, I know you really like your ipad, gym membership, and cable, so we'll make sure we pay the credit card companies as little as possible so you can enjoy your daily luxuries. It doesn't happen.

Sometimes it's really hard to admit that we mess up. Part of a successful bankruptcy is realizing that mistakes have been made and in order to get out from under this debt you have to make sacrifices. That means giving up some luxuries temporarily so you can get through your bankruptcy and move on to a better debt free lifestyle.

No one can tell you what your payment would be. There are so many factors we would just be wasting your time by taking wild stabs at it. I would find a bankruptcy lawyer and do a free consultation. Get together your tax returns, pay stubs, the latest copy of credit card statements, mortgage statement, any other debt, and go ahead and write down your monthly budget that you follow right now. That way during your consultation you'll have everything and they can run some numbers for you.

Again, no one's trying to be snarky, they're just trying to get you to realize the scope of a Chapter 13.