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    Tomorrow I will pay my attorney fee and start the road in ch 13. From what I understand the amount being paid back to creditors will be the amount of the available assets that could have been taken and sold in a ch 7. I have about $107K in debt. I know I have about $50K in equity in my home, upside down on my cars so none there, and I will have the determine what assets I have inside. How does the trustee know what I have and don't have? I also have to take into account the Maryland exemptions. Which isn't much.

  • #2
    I think you're making things too complicate4 for yourself. This is going to be simplified and subject to other responses. Chapter 13 is based on your ability to pay. Your pay (ch 13 is a wage earners lplan) less your allowable expenses will be what you pay. The amount you owe is what it is. The question that will be determined is whether you will be paying back the full debt or a portion of it. If you are under the median income for your state you will pay for 36 months, if you are over the median 60 months.
    Good luck with your appt tomorrow.
    Last edited by sophieanne; 07-20-2017, 05:09 PM.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

    Comment


    • #3
      Originally posted by sophieanne View Post
      I think you're making things too complicate4 for yourself. This is going to be simplified and subject to other responses. Chapter 13 is based on your ability to pay. Your pay (ch 13 is a wage earners lplan) less your allowable expenses will be what you pay. The amount you owe is what it is. The question that will be determined is whether you will be paying back the full debt or a portion of it.
      Good luck with your appt tomorrow.
      Thanks for the response. Then why do they want to know what assets I have if it appears it doesn't make a difference on what I must pay back since you state it is based on what I can pay after allowable expenses? I thought if I only had $75K in assets that could have been sold in a ch 7 then that is all they received and the disposable income would only pay to that amount.
      Last edited by knappyhead; 07-20-2017, 05:12 PM.

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      • #4
        Wow..that would be great, if that was the case. My assets were less than my debt and we paid back 100% of the debt. They made a list of assets to know how much of what we owned was exempt. Hopefully someone else will jump in, but i was of the understanding that if we had to convert to a chapter 7, they would review how much we paid into the chapter 13 to see if we had at least paid the amount that would've been paid had we originally filed chapter 7 or assets would have to be sold to meet that amount.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

        Comment


        • #5
          In a Chapter 13 you pay your unsecured creditors either what you can afford to pay (based upon your commitment period) or the value of the non exempt assets you wish to keep, whichever is greater.

          If your non exempt assets are worth, say, $1000 but you can afford to pay your unsecured creditors $5,000 then you will pay $5000.

          Conversely, if your non exempt assets are $5000 but your budget states all you can afford to pay those general creditors is $1000 over the life of your plan, you will have to figure a way to fund an additional $4000 if you want to keep the non exempt assets.

          Hope that wasn't too confusing.

          Des.

          Comment


          • #6
            despritfreya - Thank you. That explained it for me. Hopefully for the OP as well.
            Filed Chapter 13 - 07/20/12
            Discharged 8/2/16

            Comment


            • #7
              Originally posted by despritfreya View Post
              In a Chapter 13 you pay your unsecured creditors either what you can afford to pay (based upon your commitment period) or the value of the non exempt assets you wish to keep, whichever is greater.

              If your non exempt assets are worth, say, $1000 but you can afford to pay your unsecured creditors $5,000 then you will pay $5000.

              Conversely, if your non exempt assets are $5000 but your budget states all you can afford to pay those general creditors is $1000 over the life of your plan, you will have to figure a way to fund an additional $4000 if you want to keep the non exempt assets.

              Hope that wasn't too confusing.

              Des.
              Thanks. Much clearer now.

              Comment


              • #8
                Originally posted by sophieanne View Post
                despritfreya - Thank you. That explained it for me. Hopefully for the OP as well.
                Thanks for your help

                Comment


                • #9
                  Sorry about piling on, as the question was answered by Des, but one sentence I have seen regularly in BK publications and BK websites explains it this way and I always thought it was a good way to explain one of the many confusing concepts of BK: In a Chapter 13 case you have 3 to 5 years to pay the creditors at least as much as they would have received in a Chapter 7 case.

                  Comment


                  • #10
                    Originally posted by switch625 View Post
                    In a Chapter 13 case you have 3 to 5 years to pay the creditors at least as much as they would have received in a Chapter 7 case.
                    That is the magic phrase. It's part of the "Best Interest of Creditor's Test" or the "Chapter 7 Liquidation Test." It's a component of every Chapter 13 case when determining the minimum that must be paid. That minimum is the result of the Chapter 7 liquidation test OR the projected disposable income (disposable monthly income X commitment period), whichever is higher.

                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog


                    I am not an attorney. Any advice provided is not legal advice.

                    Comment


                    • #11
                      Originally posted by sophieanne View Post
                      If you are under the median income for your state you will pay for 36 months, if you are over the median 60 months.
                      Good luck with your appt tomorrow.
                      Would this be the same in Kentucky?

                      Comment


                      • #12
                        KYRanger - Should be the same. Good luck to you.
                        Filed Chapter 13 - 07/20/12
                        Discharged 8/2/16

                        Comment

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