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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39039
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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about chapter 13 bankruptcy

Resolved Question:

my monthly income is $2,730.00 per month. my home mortage is $836.00 per month.all living expense is $1,144.00 per month. I have $750.00 to put toward my unsecured credit card debt which is $72,000.00. I have 15,000.00 worth of equity in my home. QUESTION can my credit card creditors liquidate my home for the $15,000.00 if I take chapter 13 bankruptcy. I have $750.00 to pay toward my creditors each month for 3 to 5 yeras and 3 years will equal to $27,000.00 and 5 years will equal to $45,000.00
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

Your creditors must get more from the Ch. 13 plan, than they would receive were you to liquidate under Ch. 7. Your numbers suggest that you may really only have $300-400 in net disposable income. So, you're on the wire at $400 for the 3-year committment period and okay for the 5 year. The median income is determined by your state's median income (see


You are almost certainly below the median, which means that it is unlikely that your Ch. 13 would be confirmed, and that means Ch. 7. If your state doesn't provide for a homestead exemption, then you would lose your home.


Hope this helps.



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