CHAP 13 Basic Question

[joeryan]

I have 200,000 in unsecured debt, I make 25,000 more than the median income in NY, I have no assets only a job. What kind of chapter 13 payments
can I expect, is there no hope for a Chapter 7.

[SinkingFast]

The Means Test does have some flexibility re the Median Income IF you own a house and make car payments.

The New Law favors Secured Creditors and payments for Secured Debts.

If you don't own your home, and/or make car payments, you're probably stuck with looking at Ch 13.

Payments will totally depend on how much disposable income you have when all is said and done.

Depending on your local Court and the Trustee you draw, disposable income could be figured straight off the Means Test based on Schedules allowables. Or, your disposable income could be a result of comparison of Schedules I and J. Your actual expenses.

You really need to call several BK attnys and schedule some Consults. Consults are generally free and attnys can give you a better idea of what will happen in your particular situation.

[bkbiker]

Hi,

Sf has good advice as always,

A simplified answer for chapter 13; after you pay off all your monthly bills and all your monthly expenses; do not include any unsecured credit payments that will be included in your bankruptcy, and remember to included all your expenses; how much money do you have left at the end of the month? Times 60 would be your approximately payback amount.

Good luck,
bkbiker

[aa06a47]

If you want a good ball park figure, do an internet search on means test and download some of the available bk software that has it. Most let you download the full version. When you fill the form out, it will be close .