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Bankruptcy Case Examples

Case Example #1

Allison is a single mother with two children and is currently employed at Lexington Medical Center and makes $58,000 per year.  She is currently renting at $1,500 per month.

DebtBalanceMonthly payments
Santander Auto Finance
2019 BMW X-1 SUV
NFCU Mastercard$18,200$492
Min. monthly payments
USAA Mastercard$9,775$326
Min. monthly payments
Lowes Card$5,800$195
Min. monthly payments
Belk Card$2,200$66
Min. monthly payments
Medical bills$7,500
Outstanding balance
Student loan$85,000$881
Monthly Total $3288

Allison files for reorganization under Chapter 13. Her car and furniture are valued in the plan at book value. She also intends to utilize the Student Loanify program at the end of her case. Her monthly payments begin 30 days after filing. The Chapter 13 plan payments are just $592 per month for sixty months. She elects to pay bi-weekly when she gets paid from work which totals $272.81 per pay period. She remains current on rent for her home.

Case Example #2

Jennifer and Dwayne are married with three children. Jennifer is a teacher at the Richland County School District $44,000 per year and Dwayne receives VA Disability at $2700 per month. They own a home which has fallen behind.

DebtBalanceMonthly payments
Wells Fargo
Total behind: $20,400
Merrick Bank
2018 Toyota Camry
Capital One
2019 Chevrolet Malibu
Citibank Visa$25,900$602
Min. monthly payments
Chase Mastercard$31,000$639
Min. monthly payments
Incl. penalties/interest
Richland County Property Tax$2,100175
One Main
Personal Property Loan
Regional Finance
Judgment lien
Monthly Total $4,939

Jennifer and Dwayne file for reorganization under Chapter 13. Both cars are paid at book value inside the plan. They use the Mortgage Modification Mitigation program at Moss & Associates through the Courts. The Chapter 13 plan payments are $799 per month for sixty months. This includes both cars and all of their bills. Under the Mortgage Modification program, the missed payments to Wells Fargo are reamortized into the loan and interest is lowered. They begin monthly mortgage payments three months after the case is filed at $1,166 per month under the terms of the mortgage modification.

Case Example #3

Jeremy and Melissa are married with no children. Jeremy receives Social Security in the amount of $1,400 per month and Melissa is employed at Amazon making $16.50 per hour. They reside in a 2014 Clayton Mobile Home which is located on family land and have payments of $1,179 per month.

DebtBalanceMonthly payments
2009 Nissan Altima
2011 Chrysler 300 (balance)
$9,750 $481
Orangeburg Regional Hospital$11,000$100
Balance due immediately
Aspire Visa$9,200$295
Min. monthly payments
Appliances rent-to-own
Kays Jewelry$4,100$217
Monthly Total $3,924

Jeremy and Melissa file for reorganization under Chapter 13. The Clayton mobile home and both cars are paid at book value inside the plan. The total monthly Chapter 13 payments are $469 per month for sixty months. They will own their home and both cars once the plan is completed. 

Case Example #4

Daniel is a single self-employed truck driver and nets approximately $1,400 per week. Daniel has a home and he is current on his monthly payments.

DebtBalanceMonthly payments
Carrington Mortgage$392,000 
GE Capital 
2016 Freightliner 18-wheeler
Bank of America 
2021 Chevrolet Silverado
American Express$45,000$620
Min. monthly payments
S.C. State Credit Union
Personal loan
$9,500 $398
S.C. Dept of Revenue 
2021 tax year
Monthly Total $6691

Daniel files for reorganization under Chapter 13. The Freightliner truck is paid in the plan at book value, and the 2021 Chevrolet is reamortized at the court set interest rate. The total monthly Chapter 13 payments are $1289 per month. Daniel remains current on his mortgage throughout the plan.

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