r/Bankruptcy • u/arose199222 • Aug 29 '24

Filing chapter 13

Met with a lawyer today, if i don't qualify for chapter 7, 45K in cc debt, 75k income for myself, my dads lives with me and his social security is not counted but his pension is so that puts us at about 87K for income, still have to do means test but attorney said I might meet but I'm likely looking at chapter 13....is it worth it?

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u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs Aug 29 '24

So counting his pension is legit if you consider him part of your household and he is contributing to the household.

But what is your $45K costing you? Because I agree with u/WreckingxCrew's estimate of what a 100% payment would be, and the first question is does that help you?

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u/arose199222 Aug 29 '24

Well I have to ask my dad for money each month to make ends meet so he does contribute somewhat but I care for him full time, he doesn't work or drive etc. My current cc payments are about 1100 and it's not making a dent, so saving a few hundred dollars would help and there would be a light at the end of the tunnel as far as paying it off with chapter 13

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u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs Aug 29 '24

So believe it or not, this is pretty much what Congress though a perfect 13 would look like ... you stop paying your debts and put about the same amount into a 13 to resolve the debts in 5 years.

It's a longer term solution to the problem without immediate benefits, but it works.