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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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the story keep continously, now I have been Sued by the Condomium

Resolved Question:

the story keep continously, now I have been Sued by the Condomium even if i thought they are overcharging us,
they are charging PETS VOILATION CHARGES FOR OVER 12000 in half year

the demand amount is only 20,000 but one of the lawyer told me to file chapter 13 because of the lawsuit

I and my husband should file chapter 13 so that we can re organize to manage our debts ?

I just want to know if my situation to file chapter 13 is good IF THE HOUSEHOLD INCOME PER MONTH ( after tax ) is up to 8000 ??

and If I file Chapter 13, what would be our limitation, can I still save some money for 401 k plan or any other sudden use ???

thanks

best regard
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

Hi JACustomer,

1) There is no limitation on the amount of income you can have in order to file a Chapter 13 Bankruptcy, so you can file with $8,000 household income.

2) A Chapter 13 plan is very strict, and there is no allowance made for contributions to a 401K plan or for savings for an emergency.

Here is the plan payment calculation form, to give you a better idea of what your allowable expenses would be, and what you would have to pay each month:

http://www.uscourts.gov/uscourts/RulesAndPolicies/rules/BK%20Forms%201210/B_22C_1210.pdf.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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