Chapter 13 payout

[JayGZ]

If I understand this correctly, the court will take the amount of discretionary income I have each month and multiply that times 36 (for 3 years) to determine what I owe?

Let's say the amount is $200 x 36 = $7,200
What happens if during the 2nd year, I get a large bonus that would cover the remaining balance of $7,200. Would that mean I'd get out of chapter 13 early?

[FoolAndHisMoney]

If I understand this correctly, the court will take the amount of discretionary income I have each month and multiply that times 36 (for 3 years) to determine what I owe?

Let's say the amount is $200 x 36 = $7,200
What happens if during the 2nd year, I get a large bonus that would cover the remaining balance of $7,200. Would that mean I'd get out of chapter 13 early?

No. It's now 60 months for most filers. The only filers that can still get into a 36 month plan would be debtors that can pay 100% of their debt in 36 months and just needed to file to stop a forclosure or repo or someone filing a chapter 13 but is below the states median income.

You must use ALL disposable income to pay into the plan and at the end of the 5 years the rest will be discharged. Great for financial management but a pain in the @$$!

[coma]

A three to five year sentence...no possibility of parole...

[StaciMM]

Depending on the situation (such as if ch. 7 is not an option) 5 years is better than a lifetime of payments with no change in balances...

Most ch. 13's now are 5 years. Certain debts (secured/past due balances, taxes for example) get priority and get paid in full. Unsecured debts are the lowest priority. I know the plan can be adjusted-such as if expenses go up or income goes down. If you're set to pay 100%-I'm not sure if your payment would go up (shortening the total # of payments) or not in the event of an income increase.

[coma]

Depending on the situation (such as if ch. 7 is not an option) 5 years is better than a lifetime of payments with no change in balances...

Most ch. 13's now are 5 years. Certain debts (secured/past due balances, taxes for example) get priority and get paid in full. Unsecured debts are the lowest priority. I know the plan can be adjusted-such as if expenses go up or income goes down. If you're set to pay 100%-I'm not sure if your payment would go up (shortening the total # of payments) or not in the event of an income increase.

Of course, you're right...it would be nice, though, if you get a bonus or something, to pay it out...