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chpt13 in 2days: ???a big mistake;HELP


Guest novermyhead
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Guest novermyhead

It's been filed, i have already paid an atty and i have to have the final papers submitted in 2 days. HOWEVER, I was just notified that i will be paying $2500 monthly(includes 1500 mortgages,etc) which means i will be paying $1000 monthly towards bankruptcy. Over a 6 year period is a whopping $60,000. All fine and good, you say. No it's not. I was told at the filing, that i had $532 expendable income, asked explicity, if that was the amount i was to pay in addition to my mortgages,etc that i am retaining. Their answer was "yes". Okay. So just where did the $1000 come from. I guess they'll tell me it was from equity in my properties that i am keeping that has to be paid to the court. i think, don't know for sure. BUT, my total unsecured debt that i am filing on is @ $35,000. far less than the $60,000. I am FREAKING OUT!!! I also have a rental home that is included in the bankrupty. Owe $65,000, worth (according to tax documents) $78,000. I assume it will be sold at a loss.

Wouldn't i have been better off to try to negotiate with unsecured debtors and go into foreclosure on house? Should i rack up the atty fees as a lesson learned and go this route? I make a good income, can afford the bankrupty terms, but i don't get the huge dicrepency. Can/will the bank on property sue and garnish my wages? Will the charge card that i owe $20,000 do the same thing? Please, please if anyone has any advice i would sure appreciate it. Call me sleepless in indiana.

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Does seem a little strange. Are you counting everything that will be included? I'm not absolutely sure of the rules for a 13, but in a BK 7...everything is included. You can't pick and choose what's in and what's out. Is it possible that the extract $400 odd dollars are allocated to car payments, second mortgages, the like?

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I think you need to sit down with your attorney and hae him break it all down into numbers on paper for you. He shouldnt have any issues with that. You also have to count in the trustee and attorney fees in the BK. They usually deduct those first in the payments before your creditors get any money.

And you can pick and choose on things when it coems to a chap 7. You can reaffirm on the debts that you wish to keep. Not 100% positive if you can do it on unsecured debts, but I know its possible to do with secured.

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