atmempty

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Everything posted by atmempty

  1. Thanks for all the replies. I know I don't quality for Ch7. If I can do 13 without compromising my brother's condo, despite the large amount of equity, that might be best. My other option was to ask him if I can use the condo and get a second on it. Not sure it's fair for me to ask him to secure my unsecured debt with his property. I guess I'll sign it over to him since I should have done that anyway. I found the form to figure out disposable income. The national standard for housing is $235 less than I pay now. According to this, if I did it correctly, I have $901 to put toward my debts under a Ch13. If I can restructure my debts and have a 700 FICO in 5 years, I should consider it. I don't have a 700 now, despite never being late on anything. I don't see much changing without something drastic.
  2. I'm ok for a few more months as long as nothing big comes up. Doesn't a CH13 stick with me for 10 years? I may not be Ch13 eligible either. I'm co-owner of a property with my brother. I don't live there, I never have made a payment. It has a lot of equity. I probably should have gotten off the title years ago. Our parents lived in it before they passed. He bought me out in 99, I just never got off the title or the loan. I thought I read somewhere that won't be protected in a Ch13. I asked if I could quit-claim it to my brother. The guy I talked to said I could, but I'd have to wait 2 years? I need to find out for sure. If I don't qualify for 7 or 13, I'm not sure what my next option would be.
  3. Like many here I'm in a bind. I have around 105K in debt with 10 different creditors. Amex, Citi bank (2), discover, Lending Club, wells fargo, amazon, paypal, home depot and a local credit union. A few are less than 3k. I'm in Utah, single dad with my daughter 100% of the time. Home owner, 19 year old vehicle paid off. Not behind on anything. I called a lawyer and found out I make too much for Ch7. I also found out in Ch13 all my discretionary income goes toward my debt for 5 years, then the rest is dismissed. Problem is, right now all my discretionary money except for a couple hundred dollars goes toward debt payments. I'm little short every month after buying food. So if I do a Ch13, I will have everything paid off in less than 5 years based on my left over money after paying living expenses. The only thing that saves me interest, which is a lot Maybe around 800-1000 a month. If I Ch13, I'll have paid everything off and still have it on my credit. After seeing this site, I considered halting payments and try to negotiate with the cc companies. I could have almost 15k saved in 6 months. This site suggests that there is quite a period of time before it goes to collections. However, I'm reading that a lot of people are going to collections after 90 days and a good amount are being sued. I get the concept of stopping the payment and trying to settle on my own. Maybe this is the best way and if it gets out of hand, then Ch13? Very frustrating. I've worked hard to never miss a payment ever. I have a feeling I'm about 3 months away from not having enough to cover everything. Right now, I have no hope of paying things off. I can't hardly stay ahead of the interest. I'm to the point where bk or settlement, I feel, is my only hope to get out from under this. I would even be happy if I could get someone to give me a 100k loan for 6-8 years so I could pay off the debt and not be killed in interest. Maybe thanks!