March 18 2016 Advises I not sell enough to pay and get out of the Chapter 13
I had several more properties ready to sell, would have been more than enough to pay all my debt. Both in this email and in phone conversation, he advises me to stay with the plan and only sell what is needed.
Claudio,
I am concerned that you are selling way too much under value. The $61,200,000 PESOS for the 30 Lots IS AROUND $90,000.00 US?
We were hoping to clear around 115K to 130K. I was calculating you selling each lot for around $3,800.00 US dollars, which is around 2,572,000 pesos.
Currently, these are the claims that are filed in your case .
Austin $44,900.66 to cure default
Lawson Realty $10,426.00 to cure default ($26,000.00 to pay off entire note)
Douglas County $ 8,100.00 ( total for all 3 properties)
Chapter 7 Trustee $11,913.00
$75,340.00
Chapter 13 fee 3,955.35
(5.25%) $79,295.00
My fee will at least 50% more that the Chapter 7 Trustee’s fee that the Court allowed – figure around 20-25K.
I would also consider paying off the entire $26,000.00 Lawson Realty mortgage, which is another $16,000.00, but it saves you $431.00 per month in payments.
$120,00.00 is probably a comfortable number to get your out of this 13 case and pay off Lawson’s 2nd mortgage.
Then you have to think about having money set aside sufficient to pay the ongoing $3,055.00 mortgage payments to Austin. It would good to have at least 12 months’ worth of payments (around $37,000.00) until your other ventures result in sufficient income to cover everything.
Now we are at $157,000.00 - at 2,000,000 each, you may need to sell 23 more properties to reach $157,000.00 goal……
Your thoughts….
Richard K. Valldejuli, Jr.