Posted by: admin in chapter 13 bankruptcy info on December 12th, 2009
alphagreen asked:
I made a call to a bankruptcy lawyer for my husband. Besides the attorney fees, he mentioned paying $800.00 per month for 5 years. What for? I thought the whole point of filing BK was to eliminate paying. That comes to $50,000!!!
I made a call to a bankruptcy lawyer for my husband. Besides the attorney fees, he mentioned paying $800.00 per month for 5 years. What for? I thought the whole point of filing BK was to eliminate paying. That comes to $50,000!!!
Anyone have information to confirm or help better define Chapter 13 for me? Apparently I don’t have a full understanding. It sounds just like a debt consolidator.
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Chapter 13 is a repayment plan. How much of your debt you pay back depends on several factors, such as your income, your household size, the amount of debt you owe, the type of debt you owe(secured vs. unsecured), etc. You may have to pay all of it, or a very small amount. Chapter 13’s are good for those who have a foreclosure action against them, have nondischargeable debt, make too much money, have a car in danger of being repossessed, have filed a 7 in the past, or just want to pay some back.
If you are looking to eliminate all of your debt, you would need to do a Chapter 7. You need to qualify, however. They look at your income for the past 6 months, and the median income for your state.
You didn’;t listen, or he didn’t explain. You either don’t qualify for Ch 7 (wipe slate clean), or he’s lame. Ch 13 is reorg – you have to plan to pay things back, late, and at better terms than before, but still pay back (like you should – you borrowed, signed your name, it’s on you!).
Comes to $50K? How much did you borrow?
Why didnt you think about that before borrowing?
Not debt consolidator. Get 2d opinion or better explaining lawyer, or ask current prospective atty to explain it to you in plain english.