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flashoflight
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Joined: 10-25-2019
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  • Franco I actually think you are in decent shape to survive the remaining portion of the chapter 13. As far as I'm concerned, the #1 use of the 401k is to survive the 13 at all costs if needed. The #2 use is retirement. I think it's a good idea to reduce the 401k from 6% to 0% to cover the rent. I know...
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  • flashoflight
    replied to Chapter 13 Mortgage Refi Tips
    Epilogue:
    1. A certain major mortgage lender has payoff statements that will NOT include the suspense account as part of the payoff. It would be good to find out what the payoff statements and instructions look like. Maybe you can take advantage of this.
    2. It's common knowledge you get to skip a mortgage
    ...
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  • flashoflight
    replied to Insurance Settlement questions
    shipo You will not want the settlement to be partially wage replacement even though it is. The way the settlement is written is going to be important. Although I can't guarantee anything, you are progressing well so far and you may be able to go back to work soon. I know someone else with TBI and it...
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  • flashoflight
    replied to Change of focus
    Scottowl How about ACA plans? You should be able to qualify with a large subsidy to defray your premiums and copays if your income drops to $2250/month. Without a subsidized ACA plan, I don't think you can afford to retire. So let's pretend you have a subsidized ACA plan based upon $2250/month.
    ...
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  • I doubt her return to work desire will pencil out due to the worker shortage unless the PT job is very lucrative on a per hour basis. I think expensive daycare is one of the main reasons why many workers are pushing back hard at returning to the office after the pandemic. I also think it's a very bad...
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    Last edited by flashoflight; 07-18-2021, 10:30 AM.

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  • flashoflight
    replied to Change of focus
    I don't have any definitive answers 13 vs 7/staying vs retiring, but you have way more house saving options by staying in the 13 and your job than going to a 7 and retiring.

    If the most recent 12 trustee payments and most recent 12 post-petition mortgage payments are on-time (<29 day...
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  • My home maintenance budget item has $350 per month. Once I defaulted on all of the credit cards prior to the BK filing, I redeployed some of the minimum payment funds to deferred maintenance and started fixing up the house. Both before and after the BK, I spent thousands on the house. $150 is pocket...
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  • Congrats!

    My friend was "forced" to buy a new car to survive the 5 year chapter 13 prison sentence and it was the same interest rate. He had no lates yet but utilization was at 98%. He was going to default on purpose with the credit cards after getting the keys. He bought the...
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  • FHA forebearance ended Jun 30 so that ship has sailed for me. No more strategic forebearance for me....
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  • It depends on the financial institution. If your bank can use Zelle above a $500 daily limit, the creditors might have access to your bank's transaction data since the company that runs Zelle sells all banking data. If your bank account was used for the creditor's payments in the past, you can expect...
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    Last edited by flashoflight; 07-07-2021, 08:25 PM.

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  • If you have a 100% plan, do whatever you want. Let the trustee know about the new employment if it is required.

    If it is less than 100% plan, it's ask your lawyer time because it's trustee specific. But in general, childcare expenses are not allowed if there is a stay-at-home parent. The...
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  • flashoflight
    replied to Try for Early Exclusion?
    shipo FHA refinance is very, very expensive inside of a 13 and still expensive outside of the 13. It turns out I had to do the 15 year to avoid giving extra to the 13. The monthly PMI is reduced by around half on the 15 year too. In hindsight, I can be aggressive in paying down the mortgage while on...
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  • flashoflight
    replied to Try for Early Exclusion?
    I think it would be beneficial to find out early if your MMS 2/4/5 score is 740 or if you need to work on it prior to the 7 year waiting period for conventional. The 740 is key because that is when you get the best rates on conventional. If it is jumbo, you will want to shoot higher. Jumbo is out of...
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  • flashoflight
    replied to Charitable Donation
    So what is the question here? If you need to turnover any refunds, I'm sure the trustee will give you a bit of extra time to pay the $800 from post-petition wages. However, that should be a non-issue because if you spent the money pre-petition such as donations via the tax filing, it's fine.
    ...
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