I learned a great deal from watching and listening to the video. I appreciate the simple breakdowns and explanations of key terms and responsibilities.
So....the more you make the more time you get to pay it off? This law doesn't make any sense. If you make less you need more time is what I'm thinking. Great vid. Thanks!
you mentioned that unsecured creditors would need to be paid interest under chapter 13 if they would have been paid in full under chapter 7. How is the interest rate decided? If its the same rate as they were charging before, then you really aren't accomplishing anything by filing chapter 13, it would seem, other than to avoid late fees, correct?
Thanks for reaching out here is an article that may discuss your question more in depth, www.oflaherty-law.com/learn-about-law/chapter-13-bankruptcy-repayment-plans-explained. We hope this helps.
Great video and informative. However, the question remains about will there be any money from my income to live off of? If you're taking all of my disposable income, where's the money for food and such? Thanks again.
Thanks for your question, Bro. GenX72. Courts usually only allow Chapter 13 if there is enough disposable income after expenses to pay down the debt over the course of 3 to 5 years. - Kevin O'Flaherty
I have to ask due to not finding info online. Is the base payment for the attorney depending on the attorney or is the payment set according to income/debt. I guess I'm asking if I shop around at different attorneys if I would be able to have a lower payment
I have a question, I just filed chapter 13 today my number 1 goal is to stop the wage garnishment. I send the case number right away to our payroll department requesting to stop garnishment. But I remember our cut off payroll was yesterday October 15 and I just filed today October 16 for our October 21 paycheck. What if they tell me that they can't stop the garnishment for this coming payday because of the cut off?
Thanks for your question, Yip Villas. Below I have provided links to two of our articles that you may find helpful: "The Chapter 13 Bankruptcy Process Explained" and "Chapter 13 Repayment Plans Explained." Give us a call at (630) 324-6666 if you have more questions or would like to schedule a free consultation. www.oflaherty-law.com/learn-about-law/the-chapter-13-bankruptcy-process-explained www.oflaherty-law.com/learn-about-law/chapter-13-bankruptcy-repayment-plans-explained
Hi Tedd1091! Thank you for reaching out with your question. Yes, you will need a Bankruptcy lawyer in Utah. Unfortunately, our team is not licensed in the state of Utah yet, and we don't yet have any Utah specific content to share.
the amount of my remaining payments will pay off my principle balance in 54 months . my plan was for 60 months so I assume I finish early? All of the priority debts (2)are paid. The rest are unsecured debts and for unsecured I understand you pay no interest, correct?
Hi JP, thanks for your question. To get into the specifics of your case, please give us a call at (630) 324-6666 to get in touch with one of our bankruptcy attorneys.
I talked to a lawyer recently, I was told my 5 year monthly plan would be 1800 for 100k in debt. I have mortgage at 1100 a month and I make 1100 per bi weekly paycheck. Not only will I not have any money for other bills, food, gas, anything, I don't even make that. Does this sound right or should I talk to a different lawyer? Or is it because I have equity in home to pay debt in full? I did try to refinance my mortgage but I can't because of my credit score. Is there anything to be done?
If you have non-exempt equity in a home or mortgage arrearage, you have to pay the trustee to purchase the non-exempt equity/arrearage on top of the mortgage. If there is too much non-exempt equity and arrearage, you probably need to surrender the house to the trustee and move somewhere cheaper. Everyone wants to save their car, home, etc. but sometimes its not possible.
Filed chapter 13 on our mortgage because we got behind on payments. We received a payment plan and paid the trustee and bank every month until plan was paid in full. Once paid off we received a discharge yet still required to make monthly mortgage payments. Is this correct or should payments have stopped once discharged? Thank you!
Hi Michelle, thanks for your question. We can't answer specific questions online, but please give us a call at 630-324-6666 to get in touch with one of our bankruptcy attorneys.
Thanks for the positive feedback, Michele. I'm glad you found it helpful! Feel free to subscribe to our channel to stay tapped into our new video topics.
Suppose you take all your debt, 100% of what you owe today, plus attorney's fees, and divide that number by 60 mos. Lets say that amt is $100K. That's $1666/month. Now, suppose your disposable income is way more than $1666 per month. What then? Do you pay $1666 per month, or more? Assuming these are all not priority or secured debts.
Hi Penny, thanks for your question. Here's an article that explains more about Chapter 13 bankruptcy- www.oflaherty-law.com/practice-areas/naperville-chapter-13-bankruptcy-attorneys. Hope this helps!
Not totally true. Since I have a lot assets I’m responsible for 100 percent of my unsecured Debt in my chapter 13 plan . I got a stiff one on this deal
