New and Stressed Out

[Steelerbabe]

I would greatly appreciate any input/advice. Past 18 months have been rough financially. Job loss and reduction in wages. Hubby found job and has been working two weeks. I currently have $25,000 in cc in my name only and have not been able to pay on them since end of Oct./beginning of Nov.
We have equity in our home (6 years and it will be paid off) and I own a 2005 Ford Escape outright. Hubby owns 1997 Chevy Lumina (needs work) and 1986 motorcycle. We have no savings, no 401K, nothing else of value. My monthly minimium payments on cards is close to $800.00 a month. I am self employed cleaning houses making $800.00 a month. Hubby's new job pays $720.00 a week before taxes. From what I have read. we do not qualify for Chapter 7 but what about Chapter 13? I know I need to speak with a lawyer but I really could use some encouragement and advice. I am glad I found this board. The posts have helped me keep what little sanity I have left. Thanks.

[MC9199]

There are some very knowledgeable people here, and I am really not one of them - but 7 is probably not an option since they would want to sell your home equity and your newer car. A 13 will cause you to have to pay over 3-5 years but will cut your debt considerably. In 13 you protect your home equity and probably 2 vehicles needed for commuting.

I would get an atty to run the numbers for you to find out what a 13 repayment plan would be for you.

Good luck,
Michael

[klandsb]

LETS GO STEELERS !!!
Oh ok, back to your post... This is a HUGE decision to make and a very twisty roller coaster ride as I am finding out .. I filed Chapter 13 on 10-22-09 and have my 341 hearing in Pittsburgh 12-07. I am very bewildered at this point. The amount the attorney said I would have to pay and the amount the trustee came up with are not the same and at this point guess who has the upper hand . So I am warning everyone out there that just because your attorney thinks you will pay so much doesnt really mean the trustee is going to go along with it ... Just got my wage attachment in the mail today and feeling very low. I am happy that I am employed but going to work everyday and not having any money for the next 5 yrs doesnt really sound like too much fun. I have been living cash only for the past year and getting by but I really thought this was the answer. Have a meeting with my attorney on Tuesday to discuss everything. I am hopeful that maybe he can shed some light on why the huge difference in amounts.