chapter 13 The Plan, student loans, etc.
Hello. I live in Albany, NY. I recently filed a chapter 13. I did so because I was too far behind on my mort. payments and my bank wouldn't accept any more money from me. I guess this is probably a good thing but I have quite a lot of debt that is not dischargeable. Namely, 57,000 in student loans, and approx. 25,000 from penaltys and interest because I didn't file my taxes since 1999. I admit I'm a dumb-a$$ but I've been struggling trying to help my kids/grandkids.
I have about 60,000 in equity but I also have a 35,000 lien on my property because I had to receive public aide when the person with whom I was in a relationship died one year after he bought me the house -- we were both on the title so the responsibility has been with me for the last 15 years. I really don't want to lose my home but I'm afraid I won't be able to keep it. I feel that at 48 I haven't got much - pitiful huh.
Anyway, there is obviously no way I can pay the 57,000, the 25,000, the 15,000 that I am behind on my mortgage (7 months plus legal fees) within 60 months (the maximum allowed-if the trustee allows this) as well as pay all of my current bills. I have no credit card debt but I do owe my utility company 5,000 from old bills. I realize that the simplest solution would be to change to chapter 7 but I feel losing my home would just devistate me -at least not this way.
Filing the petition was relatively easy but I have recently contaced an attorney to assist me with my Plan. Can anyone offer me some advise, about student loans...how do I include them in my plan. There was a judgment which ceased when I filed ch 13. I can pay that and approx. 250 for the back mort. but without a part-time job...I haven't enough money for anything more....I thought I heard that there may be some way out of paying for at least a portion of the income taxes and that there may be some options for repaying the student loans. Thanks for listening and for any advise at all. gracey
I have about 60,000 in equity but I also have a 35,000 lien on my property because I had to receive public aide when the person with whom I was in a relationship died one year after he bought me the house -- we were both on the title so the responsibility has been with me for the last 15 years. I really don't want to lose my home but I'm afraid I won't be able to keep it. I feel that at 48 I haven't got much - pitiful huh.
Anyway, there is obviously no way I can pay the 57,000, the 25,000, the 15,000 that I am behind on my mortgage (7 months plus legal fees) within 60 months (the maximum allowed-if the trustee allows this) as well as pay all of my current bills. I have no credit card debt but I do owe my utility company 5,000 from old bills. I realize that the simplest solution would be to change to chapter 7 but I feel losing my home would just devistate me -at least not this way.
Filing the petition was relatively easy but I have recently contaced an attorney to assist me with my Plan. Can anyone offer me some advise, about student loans...how do I include them in my plan. There was a judgment which ceased when I filed ch 13. I can pay that and approx. 250 for the back mort. but without a part-time job...I haven't enough money for anything more....I thought I heard that there may be some way out of paying for at least a portion of the income taxes and that there may be some options for repaying the student loans. Thanks for listening and for any advise at all. gracey