Q: Rough Payment Calculation for Ch 13 Bankruptcy with No Secured or Priority Debts
I was disabled by injury 6 months ago and can no longer work. I receive regular money from the government but have next to nothing left over after basic expenses. I am now severely in debt due to medical bills and less income and can’t afford my minimum payments anymore. I contacted my credit cards and credit counseling and they said bankruptcy is probably my best option even with what they can offer to help me.
The problem is I had a ch.7 bankruptcy 5 years ago so my only option is ch.13. I have no assets (I rent, my car blue books for $800, I have nothing worth over $200 or so) and no legal secured or priority payments (no children, not behind on taxes, no mortgage, not in collections for anything etc.) All my debt is unsecured credit cards.
Is there a way to estimate my ch.13 payment? And if I returned to school to try to get a job that works w/ my disability while paying under ch13, would federal student loans destroy my bankruptcy?
A: You need to consult competent bankruptcy counsel who is knowledgeable in student loan modifications and/or forgiveness. Only after you run the guidelines can you have a real idea of what your actual payment could be.
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