Lou Scannon
Junior Member
What is the name of your state? TN
Under the proposed plan being presented to the court in my Chapter 13 filing; the amount exceeds my weekly paycheck. The court will begin this garnishment (for lack of a better word) this week and every week for 5 years. The amount of my repayment plan obviously exceeds what I was attempting to pay prior to the bankruptcy. Charged off credit card debt from 3-4 years ago now has to be paid at 61%, arrearages on my mortgage at $85 per month along with the full mortgage payment, and a car payment are included in this attempt for me to seek what the law refers to as 'relief'. I expect to be amongst the 80% who fail at reorganization in the State of TN. The purpose of this bankruptcy was intended to provide me with a workable plan that did not set me up for failure from the outset. My only option per my attorney is to get an appraisal showing my house is worth less than what the tax assessor's office says and then my payments can be lowered. That is not likely based on comps in the neighborhood. If I could have gotten the equity out of my home I would not be posting on this forum right now. What if I hire a debt negotiator in the midst of this Chapter 13 to get some relief, payoff my car and as far as the the charged-offs; if I could not pay them before I can't pay them now. What is it about filing bankruptcy that would provide the court, my attorney or anyone with the notion that funds are miraculoulsy available to pay more than my paycheck? The math does not work. Chapter 13 may not be the best for anyone regular income or not. Debtor services can work a better deal than paying 61% of charged off debt back...I'm about to throw in the towel. Live and learn I guess.
Under the proposed plan being presented to the court in my Chapter 13 filing; the amount exceeds my weekly paycheck. The court will begin this garnishment (for lack of a better word) this week and every week for 5 years. The amount of my repayment plan obviously exceeds what I was attempting to pay prior to the bankruptcy. Charged off credit card debt from 3-4 years ago now has to be paid at 61%, arrearages on my mortgage at $85 per month along with the full mortgage payment, and a car payment are included in this attempt for me to seek what the law refers to as 'relief'. I expect to be amongst the 80% who fail at reorganization in the State of TN. The purpose of this bankruptcy was intended to provide me with a workable plan that did not set me up for failure from the outset. My only option per my attorney is to get an appraisal showing my house is worth less than what the tax assessor's office says and then my payments can be lowered. That is not likely based on comps in the neighborhood. If I could have gotten the equity out of my home I would not be posting on this forum right now. What if I hire a debt negotiator in the midst of this Chapter 13 to get some relief, payoff my car and as far as the the charged-offs; if I could not pay them before I can't pay them now. What is it about filing bankruptcy that would provide the court, my attorney or anyone with the notion that funds are miraculoulsy available to pay more than my paycheck? The math does not work. Chapter 13 may not be the best for anyone regular income or not. Debtor services can work a better deal than paying 61% of charged off debt back...I'm about to throw in the towel. Live and learn I guess.