Payment New B Question?

[ValleYum]

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.

JB? Wouldn't the OP be a 60 month Chapter 13? He is waaaay over the median income for his state and a family of 1 or am I missing something here? I ask because I want to learn!

[AngelinaCat]

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

Whether it is a Ch13 or a Ch7, Bankruptcy is NOT a game. It is a VERY serious matter. Almost no one here ever wanted to file bankruptcy in the first place, did so only after exhausting every other means possible trying to stave off the inevitable.

[justbroke]

JB? Wouldn't the OP be a 60 month Chapter 13? He is waaaay over the median income for his state and a family of 1 or am I missing something here? I ask because I want to learn!

I thought someone opined that it was a family of 2. Going back and reading the response to household size, then yes... over the median and 60 months.

[AZNoName]

When you're figuring the value of your watch and applicances, are you calculating the 'yard sale' value for those items? What you paid vs. what it's worth used could be very different

[eltaur2000]

Re

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 .

What does "Pay back the car" mean? They are both paid for. ?? Also 1250?? Dont get it

[justbroke]

What does "Pay back the car" mean? They are both paid for. ?? Also 1250?? Dont get it

It means paying the value of the car in the Chapter 7/13. See my prior post.

[lillymarlene]

What does "Pay back the car" mean? They are both paid for. ?? Also 1250?? Dont get it

I didn't get it at first either. I felt that I was being "penalized" for a good thing, having a paid off car. I did a 13 to keep my car (my state only had an automobile exemption of $700 at the time) and some other non-exempt business assets. Then, in a 13 anyway, you have to give up most of your disposable income, to pay towards your creditors.

But, I think it makes more sense as I go along. I'm only 12/48 months in, but there is a lot of good things to be said about this "debt-free" lifestyle. And eventually, it will be wonderful to finally eliminate that crushing amount of debt I had.