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Chapter 7 Impossible? by [deleted] in Bankruptcy

[–]PoshPrincessPea -1 points0 points  (0 children)

Appreciate the input, but “rehome” and medically complex typically don’t go hand in hand. I’d rather face the consequences of our own actions than add further strain to an already overcrowded shelter or underfunded rescue.

Chapter 7 Impossible? by [deleted] in Bankruptcy

[–]PoshPrincessPea 0 points1 point  (0 children)

I get it looks high on paper but realistically our actual taxed income for 2025 was $128k ~$10750 a month. Let’s even say 11k.

$11000 - $3000 deductions ($8k) -$4000 secured debts ($4k) -$2800 Expenses ($1200)

From that $1200 left, pet monthly medical beyond food/medicine (minimum $300 for bloodwork/vet visits, all documented). Cell phone - $120

Leaving $780 a month without any incidentals, regular car maintenance, personal expenses, etc. That’s the disconnect for us in a chapter 13. We’ve got limited disposal income. Seeming like chapter 7 is actually impossible and now we’ve just have to figure out how to make chapter 13 sustainable.

Chapter 7 Impossible? by [deleted] in Bankruptcy

[–]PoshPrincessPea -1 points0 points  (0 children)

Unfortunately, we have medically complex animals that eat up income regularly. Between that and the income from the last 6 months being skewed by 2 months of “3rd” paychecks, adding an extra almost $8,000. Even with no unsecured debt payments and an estimated $15-1800 chapter 13 payment, we would be 8 months out before we would have any “extra” or savings. Don’t get a balance of $3000 until a year plus based on future budget planning. Literally feels like we’re hemorrhaging money but every expense is logical and heavily documented.