The Mistake You Must Avoid When Filing Chapter 13

Your Chapter 13 case is, at its core, a 60 month math problem. Under Chapter 13 law we have a maximum of 60 months (5 years) to pay back your debts under the many rules set out in Chapter 13 of the United States Bankruptcy Code.

As I note in this video, when I meet with a potential client I encourage that client to look at the next 5 years with “reality glasses.” Yes, you may get a bonus, extra pay from a part time job, or inherit money from an unexpected source. However, if you are sitting across the table from a bankruptcy lawyer, it is likely that positive financial events in your life have not happened.

You should proceed in bankruptcy with the assumption that you will be lucky if your income and expenses stay the same, but the more likely scenario is that you will have to make do with less.

Therefore, don’t look at Chapter 13 as a tool to maintain a set lifestyle or to keep all property. Look at Chapter 13 as a court supervised survival plan. Use the power of Chapter 13 to give up property you cannot afford, or to legally break installment contracts that will allow you to drive a cheaper car or live in a cheaper house.

Less than 50% of Chapter 13 plans make it the full five years and end up with the debtor receiving a discharge. Increase the chances of getting the full benefit of a Chapter 13 discharge by entering your plan with a sense of reality. #chapter13bankruptcy #atlantabankruptcyattorney #chapter13plan #bankruptcylawyeratlanta

===========FREE CASE EVALUATION==========
If you would like me to analyze your finances
please contact me at
==========================================

===============CONTACT ME=================
Jonathan Ginsberg
Atlanta Bankruptcy Attorney
Telephone: [phone]
===========================================
**Click Below to SUBSCRIBE for More Videos:

[GingerQuinlan]

I was upset that I couldn't find documents I needed to file chapter 13 today..then your video came into my YouTube feed. You saved me from diving into a giant mistake! I backed out of it immediately.Thank you so much for sharing this!!

[jaymac]

So quit your job and file chap 7! Got it

[latoyajanellew.]

Update: So after calling a few law firms, I found an attorney that actually did the math over the phone with me and said I make slightly over the median for my county but he was able to make some deductions and qualified me. I even went in and too meet with him so could confirm what he said and showed me how he actually did the math. He basically used a database that caculated my debt and income. I'm just so happy I don't have to do the 13. He said he was glad too because he was going to send me to another law firm if I didn't qualify. He hates filing chapter 13. Thank God.

[Tatortot]

I made it through the 5 years and made my last payment, I'm in the closing end, Thank God, this was the longest 5 years, you were so right, you live on means, being disabled and single, they show no mercy in that monthly payment, it better be there, no excuses. I made two partial payments out of the large payment, this was thrown in my face everytime. Making 60 payments turned into 65 plus a pay off of 2900.00 extra. Be prepared, this isn't for everyone,

[stacyahl]

It seems the courts punish people for 13, but reward 7 which makes no sense. Getting rid of stuff doesn’t help because the court will just take more of your money if expenses go down

[bemartythree]

I would think this would have more views seeing how transparent you come across.

[dotnetspark]

I just filed for a CH13. My paralegal plan was to put me on a payment plan over $900 for 60 months, which was 87% of my current debt. Then I mentioned I didn’t want to move forward, he said he’ll talk to management, and surprisingly 5 min (literally) later he called me back saying they were able to reduce it to $476. I mean, is this technically legal? There’s no possible explanation for cutting half payment in just 5 minutes.

[rubyrose]

I've been under a chapter 13 since 2015. I can see why most people are unsuccessful with a chapter 13. If I had to do all over again I would go with a 7. Most of my payment plan is a car note and the lawyer, however, it did bring my interest rate down to 4.75% vs. the almost 20% interest rate I was paying. Overall if you choose a chapter 13 stock up on jars of vaseline because the experience will not be pleasant😂😂😂 I'm toward the end now and I'm anxious to be done.

[tytaylor-shorter]

Recently a judge dismissed student loans in a bankruptcy case is this the beginning of freedom

[medrickbussie]

thank you for the truth. trying to save a house from foreclosure due to a divorce of a family member. however can not afford chapter 13 unless her income was consistent enough. i was hopeful to help her secure a home as she gets older but you put things in reality, though i dont want to lose family house without a consistent partner or 3rd party i cant afford it.

[clownpuncher]

Thanks for this video. Wish I would've seen it before I filed....

[itguru]

If you owe 60k the max payment per month is 1k. If you have 5k in disposable income then you keep 4k

[jacure]

I want chapter 7 but I need to save .my house so I can live. It's hard to find a home for rent with bad credit.

[ThePeterDislikeShow]

Do the credit card companies really take your furniture?  What do they do with it?

[alphamasterjames]

I really hate trustees they have a god complex thinking what they say goes I would appeal every thing they do if I don’t agree with their decision I am appealing everything u can tell I hate authority figures judges especially

[bell]

If facing a 100% Chapter 13 Plan, wouldn't it be best to keep everything?

[darinlegore]

Is an "initial chapter 13 proposed payment" schedule NEGOTIABLE? For instance, equity in home but agreed upon "appraisal" too high/low, disposable income, Social Security income exemption from disposable calculations, disability? If Court wants $600 and only $400 available, what happens? Is it rejected, is it then kicked back to a Ch 7, recalculated? Can a lawyer request a different, more agreeable Bankruptcy Trustee other than initial lottery assignment process?

[TIOMKIN]

A very informative Video message. Thanks. Out.

[MTurnerfromKY]

So, a couple questions, I have a vehicle that I do not want to keep. I want to surrender it as I owe a horrendous amount more (about $12, 000 more), than its worth and can’t sell it ($42, 000). At the moment it is current. Do I have the ability to choose to surrender it in a 13, and if so does doing so alleviate the total debt on it? I mistakenly bought it after a chapter 7, about four years ago. As I understand it, I would have to wait four years from that bankruptcy file date to do a chapter 13. Also, does the 910 day rule apply if I want to surrender the vehicle? I know that’s a lot to answer and thanks in advance! 👍🏼

I don’t own a home or have a mortgage. I have very few or little in assets. I’d also be filing on some credit cards that have charged off.

[truckinwithnate]

I’m needing to file and I live in Missouri. I got hurt and lost everything now can’t afford to pay it off or make payments because I’m paycheck to paycheck as it is. How can I go about this? Mine is vehicles and cell phone bills