Debt, Income, and Feasibility
Should have mentioned this in my last series. Making these videos this week from the man cave attic. You can probably see the guitars in the background.
So, what are we going to talk about in this series? We’re going to do a five-part series starting today is chapter 13 right for me? Last time we talked about if is chapter 7 right for me. Well, let’s talk about a 13.
So, some similar factors to a 7 with some additional factors and caveats. To make it easy, I’m always going to boil it down to 3.
So, is chapter 13 right for me?
Number 1, exactly the same as a 7. What’s my income? We’ll look at that from a different angle.
And number 2, also the same basic concept, but looked at in a different way. What kind of debt have I got?
And then number 3 is going to be, is this truly feasible for me? The big difference with the 13 is we’re talking about a 3 to 5-year commitment to make a monthly payment. And if you screw up in month 59 of a 5-year plan, which is 60 months, you know, you stand to go back to where you started. So, you want to make sure, and I’m always very careful with my clients, we can do a lot with this, but let’s make sure you’re ready to do it.
Okay, so those are the 3 factors we’re going to look at in this series. We’ll be back tomorrow with a video on factor 1, which again is income.
As always, you can reach me, an Oklahoma Chapter 13 attorney, at edwardkelleylaw.com, K-E-L-L-E-Y, law at gmail.com. Or call me at 580-478-3130.