What is the name of your state (only U.S. law)? Texas
I've talked to 2 different lawyers about ch, 13 and have gotten conflicting advice. I have about $30k of credit card debt that I got due to long-term unemployment. Been trying to pay it off but at 30% interest, it's impossible.
1 - Cash on hand: one lawyer said they (trustee) won't touch any money you might have saved; the other lawyer said they can take it all. I had about $8k in cash that I've saved as an emergency fund because I saw this coming. Since I've started down this road to bankruptcy, I've been using that money to help pay bills. Both lawyers advise keeping almost no cash in my checking and savings accounts. Can they take what little cash I might have?
2 - Once on a repayment plan, can I keep a savings account? I'm looking to create a budget and if I budget say $50 a month for car repair but don't use it that month, am I allowed to put it into a savings account? It looks like the plan is to use all my money to pay an estimated budget and any money left over pays back the creditors. There is nothing in this plan to force a person to have some sort of savings. Doesn't that just set you up for trouble if you don't have any savings?
3 - Am I allowed to have any credit during this repayment? If not what do I do for an emergency? If my dog needs emergency vet care, if i need a crown or have an accident or my car needs repair- what do I do? Am i supposed to let the dog die, forgo medical care, be unable to work because my car is non-functional until the lawyer can contact the court to ask for permission to have credit?
4 - If I could get/keep a store card, can I buy something on it and pay it back during the same month to try to rebuild my credit during the payback period? Lawyer #1 says yes, I can charge things as long as I pay it off the same month; lawyer #2 says no way.
I've talked to 2 different lawyers about ch, 13 and have gotten conflicting advice. I have about $30k of credit card debt that I got due to long-term unemployment. Been trying to pay it off but at 30% interest, it's impossible.
1 - Cash on hand: one lawyer said they (trustee) won't touch any money you might have saved; the other lawyer said they can take it all. I had about $8k in cash that I've saved as an emergency fund because I saw this coming. Since I've started down this road to bankruptcy, I've been using that money to help pay bills. Both lawyers advise keeping almost no cash in my checking and savings accounts. Can they take what little cash I might have?
2 - Once on a repayment plan, can I keep a savings account? I'm looking to create a budget and if I budget say $50 a month for car repair but don't use it that month, am I allowed to put it into a savings account? It looks like the plan is to use all my money to pay an estimated budget and any money left over pays back the creditors. There is nothing in this plan to force a person to have some sort of savings. Doesn't that just set you up for trouble if you don't have any savings?
3 - Am I allowed to have any credit during this repayment? If not what do I do for an emergency? If my dog needs emergency vet care, if i need a crown or have an accident or my car needs repair- what do I do? Am i supposed to let the dog die, forgo medical care, be unable to work because my car is non-functional until the lawyer can contact the court to ask for permission to have credit?
4 - If I could get/keep a store card, can I buy something on it and pay it back during the same month to try to rebuild my credit during the payback period? Lawyer #1 says yes, I can charge things as long as I pay it off the same month; lawyer #2 says no way.