Payment New B Question?

[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.

[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]

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.

[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.

[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.

[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?

[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?