Hello,
I was curious to ask how a Chapter 13 payment is calculated. I know that the new bankrupty laws require the use of IRS spending averages to determine how much you can spend on food/clothing/housing. What happens if the house payment doesn't fit within the IRS guidline? Will the court allow you to keep your house? In terms of qualitity of living, is there any money left over after the payment for misc. items that might come up or are you left without a extra dime until the payment plan is over?
2006-06-30 02:50:34 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You need to do several things:
go to the IRS website for spending averages:
http://www.irs.gov
Contact a bankruptcy lawyer with your specifics, because a lot depends upon the state laws where you live.
Be aware that bankruptcy is not an easy way out. You will still be responsible for paying off a certain amount of your debts.
2006-06-30 03:55:52 · answer #1 · answered by ps2754 5 · 0⤊ 0⤋
don't do it // my mother-in-law filed 4 years ago so far they have garnished about 47,000 dollars got a letter 2 months ago said the truck and car was paid off now// they woke up 1 week ago and both truck and car were repoed now the lawyer says nothing has been paid but about 12,000 dollars no one knows where the money is just make sure you research the lawyer very well befor you do anything and ask for statements every now and then
2006-06-30 10:01:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋