Payment Plan under Chapter 13

[Frodo]

Is it possible that the payment plan decided upon for a chapter 13 is merely the total unsecured debt you owe divied by 5yrs or 60 months?

So, if someone had $50K in CC debt and did a chapter 13, would it be possible their monthly payment could be $833 ($50,000 / 60 months)?

Or is the agreed upon amount usually a certain number of cents per dollar? Is there a standard per state for that?

[lrprn]

Is it possible that the payment plan decided upon for a chapter 13 is merely the total unsecured debt you owe divied by 5yrs or 60 months?

So, if someone had $50K in CC debt and did a chapter 13, would it be possible their monthly payment could be $833 ($50,000 / 60 months)?

Or is the agreed upon amount usually a certain number of cents per dollar? Is there a standard per state for that?

Sorry, Frodo....figuring out Chapter 13 monthly payments is just not that easy. If you haven't yet, take a good look at the form used to calculate your Ch 13 payments - B 22C Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income (Chapter 13) at http://www.uscourts.gov/rules/BK_For...m_22C_1006.pdf . You'll see all kinds of financial asset and expense "what if's" there, all of which can impact the final payment amount. Also since Oct 05, the new bk law forces use of IRS guidelines for housing, transportation, and utilities rather than what you actually pay which also can skew things off quite a bit.

Nothing is *ever* straightforward in a government-created program. Bankruptcy is no exception!