Signed our final paperwork last night at the attorney's office. She said it should be filed Monday or Tuesday!! She also said our monthly payment would be $2,440 (which includes our house payment as Countrywide kept jacking us around with loan modifications and repayment plans - two months behind) for 36 months and then we'd be done. We are on a 6% payback to our unsecured creditors. I didn't think to ask her last night (of course) or maybe really didn't want to know, why it would only be three years instead of five. Any thoughts on whether the trustee might object to only a three year plan when they could get more? This just seems too good to be true and I sure don't want to get my hopes up. This payback does leave us with money to live on after paying everything else, including two car payments outside the plan, and saving for insurance, emergencies, etc. What do you guys think? We are in Washington State. I did ask her if she thought the trustee would object to this plan and she said why should he! Comments please.... thanks.
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It sounds too good to be true. I was told if you were over the median (I assume you are) and you are not in a 100% payback (you said 6%), then it must be 5 years.
The reason being that your situation can change during that time, and the creditors have the 'right' to get more if you earn more. That is what I was told.
If it works though, more power to ya! -
If you are below the median income for your area, you can get a 3 year plan. The other requirement is that your creditors get more payback with a CH 13 than they would have with you filing CH 7 and surrendering non-exempt assets. If you meet these two criteria, then a CH 13 for 3 years is possible. Good luck!Filed CH 13 September 17, 2007
Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!Comment
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