Find Out How Much Money You Can Save!
It’s Easy.Just follow these simple Instructions :
- Fill in the following table with information about every debt you have.2.
- Do NOT include any of your normal monthly living expenses, like rent, food, etc.
- For each debt, you must fill in all 3 fields.
Name of Creditor: Just type in the name.
Type of Debt: To help you choice the correct type of debt, examples of each type of debt are included in the table at the bottom of this screen.
Minimum Monthly Payment: If there is no set minimum payment for a debt, fill in what you think a reasonable minimum payment would be. What is a “reasonable” minimum payment, you ask? A good “rule of thumb” is to divide the debt by 48 months. For instance, let’s say you owe $5000 on a repo deficiency. Dividing this $5000 by 48 = a reasonable minimum payment of $104 per month.
- Filling in payment amounts: Do NOT include the “$” or any commas.
- When you are finished entering all your debts, click on the “Calculate” button.
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DISCLAIMER: Actual results may be better than the result shown. For example: savings may be greater: (1) on secured debts, where the plan is to surrender collateral, (2) in the case of dischargeable taxes, or (3) where actual minimum payments are higher than projected due to the inclusion of mounting interest. The result shown is an approximation and assumes: (1) Input of full and accurate information, (2) Filing under Chapter 7 of the U.S. Bankruptcy Code, (3) No equity above exemptions or disposable income, as defined by the State and Federal law, and (4) No co-signer involvement with respect to unsecured debts and (5) That you want to keep all the property you have. Bankruptcy law is complex, and therefore, the actual result to be achieved in your situation can only be known after a full-blown analysis of your situation by a full-time, experienced, bankruptcy attorney, taking into account your particular goals, assets, debts, income and expenses.
Types Of Debts: Although there may be exceptions, the following types of debts would generally include the following:
UNSECURED SECURED PRIORITY OTHER
Pay Day Loans
Old Utility Bills
Old Phone Bills
(Even if you listed
Old Membership Fees
Overdue Legal Fees Car Loans
(Secured by vehicle,
land or home.)
Homeowner Assn Dues
Plus Any Other Secured Debts
Any debt that does NOT fall
* In North Carolina, this type of debt will generally be created as unsecured for purposes of bankruptcy.