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confused if can't file ch 7


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Hi,

if I can not file file do to income over 100.00 per month left over..lol...

& they say I must file ch 13, I can not pay a ch 13 for 3-5 years, I just know it, so my question is should I just wait for SOL which will be Sept 2005......I would rather wait it out for SOL for 16 months than struggling paying ch 13 for 3 - 5 years!! what do you all think, our income is 2,700.00 month expenses about 2,500.00 live in NC & owe over 125,000.00 in debt (unsecured) with judgments, repo's foeclosures, & Credit cards. Thanks. :wink:

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$100 is not very much - your BK attorney should be able to work with you to direct a few dollars here and there into your living expenses and poof it's gone!

I filed Ch 7 BK after being out of work for almost a year and having $30k of medical bills while I was uninsured on top of that. I have been working for 6 months making around $50k annual salary, but still haven't been able to catch up.

Even as a single person bringing in $2700/month after taxes he was still able to show that my monthly expenses were $2900 and the trustee didn't blink an eye.

Did you consider things like dry cleaning? If you have a professional job and have to have 4 pairs of pants and 4 shirts laundered per week each month, that could easily be $100 right there.

AZkarisma

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The courts go by specified matrix's, so you just can't figure out a way to dispose of the excess $100, otherwise everyone would be doing it! You could request a reduction in salary or not do anything at all. Believe it or not sometimes it is advantageous to file C13 and pay over five years then to file a 7. It all depends on the rules in your district. In the Delaware district the Homestead exemption is $5,000! That's about enough to cover a tent in the state park! So, in this state, C7 doesn't work for anyone with assets. However, C13 is more liberal and I've known people with substantial debts and assets who have gotten away paying back only five to ten cents on the dollar, a much better outcome then had they filed a 7! Remember, in BK, ALL creditors must file proofs of claim!

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