few questions about ch13

[atyehong]

What is the name of your state?tx
CC debt about $35K,bought new car few months back ($20K), married, children, live in a rented apt, monthly income about $2800.00, monthly disposable income about $400.
If Ch13 is considered, can someone please answer following questions.

1-What will happen to the car?
2-Will I be allowed to pay off my debts based upon my disp income?
3-How long can I be allowed to pay it off?
4-Will I have to pay off all debts or portion of it?
5-The tax refund that I will be getting every year, is it mine to keep or I have to give it to the trustee?
6-What is Wage Garnishment and what conditions can trigger it?
7-Any impact on my current job?
8-Can I keept the c cards that don't have any balances and are not included in the bk?
9-Life after filing bk?
10-Any idea to avoid bk?


I really appreciate your responses.
Thanks.

 

[bigun]

First of all, Tx. does not allow wage garnishments so take that off the table.
Secondly, I think you've seriously underestimated your expenses. $2800/month income to support a family and having $400 left doesn't sound right. Does your wife work? Are you filing bk jointly?

Take another look at your expenses and use this calculator as a guide.

http://www.ca-bankruptcy-attorneys.com/calculators/expense_calculator.html

Creditors run account reviews periodically and many will close a credit card if they see the cardholder filed bk.

 

[atyehong]

I am the only person who works in our family. I have just one kid under 2 yrs, therefore I don't have much expenses. And this bk will be filed separately, not jointly.
thanks.

 

[Ladynred]

I'd be more than willing to bet you are still underestimating your REAL expenses. Use the calculator Bigun gave you the link to and plug in the numbers as they would be under normal circumstances, NOT what you may be scrimping on due to financial difficulties.

1 - car you can reaffirm
2 - that is exactly what a CH 13 does
3 - Ch 13's are for either 3 or 5 years.
4 - Depends on what you can pay. Secured gets paid 100%, unsecured may only get a percentage.
5 - Depends on the Trustee. Some will take it every year, others will not.
6 - not allowed in TX
7 - unlikely. You cannot be fired for filing BK
8 - Yes, but expect that the creditors will close those accounts on you anyway as soon as they see the BK on your credit reports.
9 - Definitely. That's a pretty broad question, but yes, you can recover and regain credit.
10 - That we can't answer really, since we don't know the totality of your situation. Debt consolidation/management/negotiation/settlement companies are all scams as are most CCCS. Unless you can seriously cut your expenses, down to the bone and make large payments to the CC companies, it will take you YEARS to pay off 35K in CC debt. It takes 52 YEARS to pay off a 6,000 credit card bill making minimum payments.