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Re: BK 7 or will it be converted to 13?


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Posted by LadynRed (199.91.33.254) on January 30, 2003 at 11:47:06:

In Reply to: BK 7 or will it be converted to 13? posted by CJ on January 29, 2003 at 21:09:53:

WhyChat's absolutely right, get a free consultation or 2.

Having said that, the thing that drives Ch 7 vs. 13 is disposable income. If, after all your normal living expense, you're left with close to ZERO disposable income, then you can usually go Ch 7. If you regularly have $100 or more in disposable income, you're going to be pushed into a Ch 13 and ALL your disposable income goes into that plan for the duration.

Another note - people usually seriously underestimate their expenses. Think about ALL the stuff you regularly (not extravagantly) spend money on, and the expenses for the kids IS viable, and start writing that stuff down. As you said, some months are more than others, you add it all up and divide by 12 to get your avg expenses. This was explained to me by a BK lawyer, so its not off the top of my head :)

You do include everything -besides morgage, utilities, cable, phone, food and insurances - cell phones (not considered a luxury any more), dry cleaning, shoe repair, reg. auto maintenance (oil changes, tire rotations, antifreeze, etc.), postage, shipping, holiday and b'day gifts, home maintenance (cleaning supplies, light bulbs, vacuum bags, etc.), school supplies, homeowner dues (definitely).. the list goes on. If you sit down and REALLY think about what you spend money on, the expense number grows. Obviously going out to dinner 5x a week wouldn't fly, but most of this other stuff most likely wouldn't be questioned.

Anyway.. my 2 cents. You can find BK exemptions lists at the link below. Good luck !



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