payment amount and length

[Sick&Tired]

After calculating all expenses it looks like we'll have a Chapt 13 payment around $1400. Our total debt is about $26,000.
$1400 over 60 months = $84,000 (much more than we owe)

So, how do you think our plan will work? Will we have to pay a lower amount over the next 60 months? Or will we have the full $1400 payment over less time (approx. 18 months)? Just trying to prepare ourselves for the hell that's about to come!

[liz417]

You'll most likely be in a 3 year plan since you are going to be at a 100% payback. Don't forget you will need to pay the Trustee fee. Are you sure you calculated it the payment correctly, $1,300 seems a bit high?

[DUMBAGAIN]

WOW, you owe around $26000.00 and your payments are going to be $1400?? We owe about 30000 and we are looking at about 600ish a month for 60 months. I'm I missing something?

[Sick&Tired]

I actually don't know what our payment WILL be, that's is just what's left over after all of our monthly expenses are paid. What do you think?

[NowImDownInIt]

WOW, you owe around $26000.00 and your payments are going to be $1400?? We owe about 30000 and we are looking at about 600ish a month for 60 months. I'm I missing something?

What you owe is only a portion of what makes up your payment... It's what you can afford to pay... I owe 24000 and I'm paying 700 a month for 36 months.

OP, you will probably be put in a 3 year plan, like me. Good luck!

[arkienurse]

WOW, you owe around $26000.00 and your payments are going to be $1400?? We owe about 30000 and we are looking at about 600ish a month for 60 months. I'm I missing something?

Hey DA, your payment amount all depends on how much you make, and how much is disposable. We would have had a payment like yours if not for my salary. I make 2xwhat DH does, so therefore they showed that we had more available- our payment ended up at almost 1300 a month.

[DUMBAGAIN]

OH ok I'm sorry I guess I didn't realize what all went into the payments. Thanks all makes sense