I really Need help

[B65]

I am so stressed I am making myself ill. After 10 years of lots of bad luck(too long to go into) we filed Chapter 7 on Oct 31st but the lawyer keeps saying it may be made a chapter 13 as it is a high scrutiny case because of high income and hig debt. $98 income and $130k in unsecured debt, and $32 on a car that just got repossed.
he has filed household of five as our 2 older girls are full time students, have been for 2 years with no income they have never filed and we have an 8 yr old. i did research and if they are dependents on the iRs (they are) then that is ok. BTW Hubby salary increased just the last few months it was 30k less before. median income in Ct for a family of five is over $106k per year, so we are showing under so I have no clue why it keeps saying it may be converted. i think he thinks they wont accept household of 5.

anyway here is my problem.
hubby nets $6300 per month ( not gross) do they do the workings out on gross or net.

here is out list.

Mortgage, $2450 (want to get rid as soon as we can for lower payment)
food they allow $1600 per month in Ct for clothing and food.
car payment 533
car payment 100.
gas hubby drives 3 hours a day for work 500 month for both of us.
heat 200 month
elec 200 month
trash 20
car maintenance 100
health insurance 120
life insurance 100.
car tax and reg 130
phone 150
hair 100
laundry 25
this whole list comes to $6328

I did not add other things like cable and 8 year olds horseriding or other things we have i am sure they can cut phone of this list and hair etc etc

does this look like it could go chapter 13?? only if they deny the household of 5 they could cut the food down I think..

also i am a realtor and i have fees that cost about 2k per year since jan I have had one closing of 3500 so they could use the 1500 ( they did)as income but if we go 13 i would have to give up my job as i could not afford the fees if i did not have one closing and in this economy i cannot say i will. I do love my job
I am so so scared and not coping well.
This debt has taken 8 years to get.. not too much new though hubby transfered balances from one card to another around 7 months ago and worry they may object.
any insight would be fantastic.


Thanks so much.
B X

[ansky0007]

I am so stressed I am making myself ill. After 10 years of lots of bad luck(too long to go into) we filed Chapter 7 on Oct 31st but the lawyer keeps saying it may be made a chapter 13 as it is a high scrutiny case because of high income and hig debt. $98 income and $130k in unsecured debt, and $32 on a car that just got repossed.
he has filed household of five as our 2 older girls are full time students, have been for 2 years with no income they have never filed and we have an 8 yr old. i did research and if they are dependents on the iRs (they are) then that is ok. BTW Hubby salary increased just the last few months it was 30k less before. median income in Ct for a family of five is over $106k per year, so we are showing under so I have no clue why it keeps saying it may be converted. i think he thinks they wont accept household of 5.

anyway here is my problem.
hubby nets $6300 per month ( not gross) do they do the workings out on gross or net.

here is out list.

Mortgage, $2450 (want to get rid as soon as we can for lower payment)
food they allow $1600 per month in Ct for clothing and food.
car payment 533
car payment 100.
gas hubby drives 3 hours a day for work 500 month for both of us.
heat 200 month
elec 200 month
trash 20
car maintenance 100
health insurance 120
life insurance 100.
car tax and reg 130
phone 150
hair 100
laundry 25
this whole list comes to $6328

I did not add other things like cable and 8 year olds horseriding or other things we have i am sure they can cut phone of this list and hair etc etc

does this look like it could go chapter 13?? only if they deny the household of 5 they could cut the food down I think..

also i am a realtor and i have fees that cost about 2k per year since jan I have had one closing of 3500 so they could use the 1500 ( they did)as income but if we go 13 i would have to give up my job as i could not afford the fees if i did not have one closing and in this economy i cannot say i will. I do love my job
I am so so scared and not coping well.
This debt has taken 8 years to get.. not too much new though hubby transfered balances from one card to another around 7 months ago and worry they may object.
any insight would be fantastic.


Thanks so much.
B X

I cant see how they can convert it to a chapter 13 since there is no disposable income left after your expenses. In a chapter 13 you pay back what you can with your disposable income but in your case there is none.

[B65]

i am just wondering

what they can shave off that, I guess they could say a phone is a luxury... or maybe life insurance, not quite sure, even if they made it a household of 3 it would only change the food deduction down around $400 and i did not include cable or internet either as i figured they wont allow for that either.
hmmmm

[AngelinaCatHub]

My goodness, I made good money in my time but nothing like you folks do. I’m not judging, but, there are many things you could cut back on if you are going 7. I have always lived below my means, yet due to an adversary, and then a health issue, I went 7 with problems. I really do not know what to tell you except, sell out and come down a bit. If you do 13 if you cut back you can afford it. If your hubby due to the (errr election) economy and it goes bad, then perhaps you can convert to 7. REMEMBER, this is only my opinion, nothing else. ‘Hub

[B65]

Hi

if we do get the chapter 7 we fully intend on trying to sell the house and get a rental(hard with no credit) or wait a year then sell and maybe we can then rent or buy a lot cheaper, things are very expensive in my state. Utilities are hard to cut on as we have very cold winters and hot summers.
If we went 13 it would not help us to get rid of the house as amnything extra they take when they re-evaluate each year.
B

[TEW]

if we do get the chapter 7 we fully intend on trying to sell the house and get a rental(hard with no credit) NOT true there are many ways you can get back into a house. Rent to own is one of them Realtor you tell them you have a BK and they will work with you. or wait a year then sell and maybe we can then rent or buy a lot cheaper, things are very expensive in my state. Utilities are hard to cut on as we have very cold winters and hot summers.
If we went 13 it would not help us to get rid of the house as amnything extra they take when they re-evaluate each year.
B

There are so many houses sitting on the market right now it is the best interest for you and them to help you out. I just spent 4 days being barraged by sellers the Realtors wanting to get me into a house.

[JRScott]

Your lawyer could just be preparing you for the worst case scenario. I would not overly worry at this point.

[ambersss]

I don;t think

if we do get the chapter 7 we fully intend on trying to sell the house and get a rental(hard with no credit) or wait a year then sell and maybe we can then rent or buy a lot cheaper, things are very expensive in my state. Utilities are hard to cut on as we have very cold winters and hot summers.
If we went 13 it would not help us to get rid of the house as amnything extra they take when they re-evaluate each year.
B

No one will make you to cut your utilities...after all you are allowed to LIVE your life , even after filing BK . Talk to experienced BK lawyers, good ones will be able to evaluate your case with great probability, and predict the outcome.