Re: Chapter 13 vs Chapter 7???? 13 NOT so bad
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Posted by Buck
(65.217.78.254) on August 03, 2004 at 17:29:38:
In Reply to: Chapter 13 vs Chapter 7???? posted by MOMTO1 on August 03, 2004 at 07:04:01:
My wife and I are in the process of filing ch13 and I was surprised at how low the payment is. We make around $115,000/year and we are claiming around $250,000 in unsecured debt. The payment is going to be $272/month! And my lawyer says the judge RARELY goes above 36 months even if you can afford it. I helped lower my plan payment by maxing out my tax withholding recently. I also said I give a lot to the church in tithing (we really do). I was hoping to get under $1,000/month payments and I got MUCH lower! My attorney said in a Ch7 they might want me to sell my house since I acquired the house AFTER I acquired most of my debt. I always thought Iowa was a 100% household exempt state but there are always exceptions to the rule. Anyway, just thought I'd let you know ch13 CAN turn out to be the best option....just depends on the local court.
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