roll of the dice, 7 or 13??

[nojusticehere]

Just wanted to update everyone and see if anyone has any input??

Scenario: I signed today for my Chap 7.....however, I have a furniture payment of $210 monthly, which I'm reaffirming along with a car payment of $410 which I'm reaffirming). The furniture will be paid off in about 6 months. Because of the furniture will be paid in 6 months the trustee may object and force me into a chapter 13. Ugh!!!! Something like "Because it will be paid before 60 months (maximum for chap 13) the trusty may take this as extra income and state that I have to file a 13." If this happens I will be paying $313. a month for 36 months. We went ahead and filed for a 7 and will hear in about 2 weeks if there is an objection to the 7.

Anyone understand this? My atty explained it but I think I was so disappointed at the possibility of a 13 that my brain froze.

[almost]

Do you know that for a fact that the trustee will look forward 6 months. I thought that it was to help for the now. I know that they ask for any increase in your income. They may not even look to see when the account will be paid off. Are you under the means test.

[nojusticehere]

I'm well above the median, but passed the test after deductions etc. No we aren't sure how close the trusty will scrutinize, but from what I understand they look at your income for the next 60 months along with your deducations etc and any money left over. AFter 6 months I will have an extra $210 plus $150. So that's an excess of $360 per month which they can take.

[ejny65]

If my furniture would convert my 7, to 13, I 'd let them go. but thats me!

[nojusticehere]

Well I thought about that, but there is pro's to both. If I let it go then I still have the extra money and no furniture then so I'm not really sure how that would work. Also with a 7 it's on my credit for 10 years. I'm paying out $210 now and with a 13 it's $313. for 3 years and it's off my credit after 7. I guess in 2 weeks I'l find out. But that's something I could bring up to my atty if there is an objection. I'll keep my fingers crossed. I'm not sure at this point which is better. $313 mixed between 24 creditors for 3 years not alot since I'm in debt for $140,000 unsecured and $20,000 secured.

[PaKettle]

I agree - I'd let the furniture go. Get by on some super cheap furniture for awhile until you get back on your feet. A 13 is very invasive - having the government looking at everything you do, everything you spend. To me it sounds like indentured slavery! I'd let the furniture go and get the Ch. 7 if you can! Otherwise, that's some VERY expensive furniture!