Are you required to list all unsecured debt on your budget for a Ch. 7. We have a line of credit that is unsecured, but we used the money to purchase our land. It is $326/month and originally our attorney thought it was a secured debt. Will this matter now? Will it lower our budget to present as ch. 7?
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In your list of expenses, do not include debts that you'll be discharging.
For this loan, if it was a line of credit that you used to buy land, it probably is not secured. Do you own the land free & clear, or is there a lien against it? If yes, its secured. If no, its not secured.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
We own the land free and clear--there isn't a lein. That's what I was afraid of. So, we have to list ALL unsecured debts in a 7, right?
My attorney's budget is coming up with a negative number for our inc. vs. expenses, but we calculated having approx. $463 left over. Are we in trouble? Are we missing something? I stupidly didn't copy the list before we submitted due to time constraints. Are there possibly expenses we aren't thinking of??? I couldn't quite tell also how he factored in my day care flex account. Thanks Staci.Comment
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If you're not sure of what he put on your petition, make sure to get a copy ASAP. Keep in mind that under oath, you'll have to answer questions about it at the 341. If the trustee asks "What is this $200 for XYZ?" and you say "I don't know" it won't go very well. If there are #'s on your petition that you aren't comfortable with, address them with your attorney well before the 341. Amendments can be made.
There may be things you're not thinking of-its so easy to do! (I didn't consider school supplies until I saw it in someone else's list of expenses.) But-how does your attorney know what you spend money on if you forgot to tell him about it?Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Thanks for the tips. Tonight we went through all our expenses and labeled them with our on line banking. We were shocked that we way under estimated on things such as food and household expenses. These don't even includes money we would have spent from cash withdrawals.
I will definitely request the detailed report from our attorney on Weds.Comment
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