Hello all....I am so frazzled right now. I was psyched to sign last week for our ch 13 and then our lawyer cancelled on us. Then this week we were supposed to sign, but surprise.....
My lawyer called me last night to tell me we cannot sign tomorrow for our Ch 13. He said he found a discrepancy and we show an extra $400 since we are voluntarily surrendering a car (which costed us $411).
I told the lawyer that I have been deferring my student loans and I had planned to start paying them back. Both payments would be about $400 or more each month. Shouldn't that cover the $400 disposable income that he said he has found? He said that while it's a noble idea to pay the loans back, we may have to defer them during the chapter 13. Why can't I pay them back? If I am to get myself back on my feet, then I would think that paying my debts back would be very important.
Also, he said that I should take a title loan out on the car that we just got as a gift from my mil. He said we could get a $200 additional deduction from the extra $400 if I take out a loan.
Also, he said I need to escrow my taxes and insurance in my refinance in order for the trustee to accept my taxes and insurance costs for the year. Well, I called Wells Fargo and... they don't offer it. So my loan guy suggested I open a savings and have the funds direct deposited into an account each month. That's great for him, but I'm sure the trustee will not like the fact that I am putting away and extra $300 in taxes/insurance per month in a savings. Why can't I just show proof of paid taxes and my insurance premium for 6 months? Surely not everyone who files Ch 13 has their taxes and insurance escrowed. Is the law not covering those of us who don't escrow? Is it backwards? Or is my lawyer not experienced enough????
I think my lawyer is trying to make our case an open and shut deal for the trustee. However, rarely are things in life open and shut. I don't want to stretch this out if I don't need to.
Does anyone have any input into the student loan issue, the title loan issue, or the escrow issue????? I'm so lost in the maze of bankruptcy dos/dont's and law. HELP!!!