How is % payback determined?

[1aliasfan]

I have an attorney now - and I like him. I have prepared my Creditor Matrix for him showing acct numbers, collection companies, attorneys, creditors, addresses, phone numbers, and balances. I went thru all three credit reports companies for myself and my husband. I think I have them all. Here is what I have:

Secured creditors (home and cars): $195,400
Back Taxes (int and penalties not incl): $4,170
Unsecured (incl $30K school loan): $128,370
Combined Monthly Income less child support: $8706 gross
After tax and payroll deductions: approx: $6800

I have completed the B22C but no where on there does it tell you what your percentage payback is. My attorney says that form determines your percent payback and then your budget form is what the trustee uses to determine your monthly payment.

Any help is appreciated.

[HHM]

http://www.bkforum.com/showthread.php?t=34708

[optimistic1]

He sounds like he is right, but, a Ch.13 is pretty complex from what I have learned thus far. The B22C will tell you what your disposable monthly income is, and theoretically it could tell you what % is going back to your claims, only if you knew all the specific case details. I would say that until your petition is filed and all the issues have been hashed out, then you could have a solid % payback. % Payback is really for just the unsecured claims from what I understand.

[HHM]

He sounds like he is right, but, a Ch.13 is pretty complex from what I have learned thus far. The B22C will tell you what your disposable monthly income is, and theoretically it could tell you what % is going back to your claims, only if you knew all the specific case details. I would say that until your petition is filed and all the issues have been hashed out, then you could have a solid % payback. % Payback is really for just the unsecured claims from what I understand.

Ok, but so what? Percent pay back doesn't matter, it's not even an issue.

[optimistic1]

It might not matter to an expert who completely understands all the in's and out's and everything in between concerning a bankruptcy. But to people trying to learn and understand the process, they might just want to know what the % payback is for curiosity purposes only.

UNLESS you are in one of those 10% districts, and the B22C calculates what will eventually be a 5% payback, and you set it in your mind that your payment will be X amount, when actually to pay 10% minumum back your payment is actually Y amount and it is higher, then it might matter, just a little, dont you think?