hi guys. i’ve been considering bankruptcy (chapter13) and starting my initial research for some attorneys around the valley. i’m curious how the payment plan is calculated. i took a major pay cut after a reduction in force.
I’ve totaled up some debts and curious how they impact payment plans. I bought a house during covid ~ and the value has basically flipped. it’s the one item i may or may not include. here’s my breakdown:
1 auto: 90k
credit card: 30k
student loan: 150k
medical: 20k
private student: 20k
irs: 125k (2024,2025)
house if included: 500k
my house value only worth 425k currently – i have no equity in it currently. i closed on it at the peak of my career and during covid right before prices tanked.
unmarried, 4 kids. 180k salary. curious how the determine what is realistic. do they factor in groceries, and other activities?
i’m very curious to get a basis on what a payment plan could potentially be and if there’s a maximum.
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