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Anyone have experience filing Chapter 13 Las Vegas

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  • Anyone have experience filing Chapter 13 Las Vegas

    I am getting ready to file Chapter 13 in 100% payback. Do the trustees in Nevada require 100% of DMI as payment or will they accept the total amount of the debt divided by by 60? I know you have to 'pay to play' but I am really hoping to have a little leeway for expenses on the house car and with pets. My lawyer at consult seemed to push that it was better to pay more and get done sooner. I'd rather just pay what I owe and 60 months is fine. Thank you for your input.

  • #2
    If you are paying 100% of the total your claims, then that should be the maximum over 60 months. If you have DMI leftover after the 100% you should be able to keep it, but as you state, your attorney suggest paying all DMI so that you can get out of your plan quicker. I'm not sure whether your trustee will insist that you pay all DMI above 100% (people more knowledgeable than me here say that you should pay 100% max and that's it). If you pay all DMI there is one thing to consider: if you have income that increases year over year, is that you should get more wiggle room as you complete your plan (unless your district adjusts your payment through submission of tax returns or income/expense statements). As someone who is close to completing year four, I'm counting the months to discharge, it can't end soon enough from an emotional standpoint and certainly a financial standpoint.

    Just remember to put on your schedule J (expenses) the amount you think you need to cover your monthly expenses. Let the trustee tell you it's too much. Don't lowball yourself to make the trustee happy. Your plan may go through a couple of revisions before it gets confirmed anyway.

    Another thing to keep in mind is that you do not know what the total amount of claims you will pay back on until after the deadline for submitting Proof of Claim forms by creditors. Not all creditors file them which means they don't get paid and you owe less. You may get lucky. Claims were filed on only half of my unsecured debt. I would have done 100% and a shorter plan, but I had tax debt and mortgage arrearage to pay.

    I would suggest searching this board with "100%" or 100 percent in the search box for more feedback.

    Comment


    • #3
      I would never, ever, propose a plan that paid 100% of DMI in a 100% plan. I would pay the required amount to pay the 100% of the duration of the plan. There are many reasons to not pay all the DMI, which includes interest earnings, retirement savings, and other similar things. If you have extra, I suggest paying down the plan maybe once a year. I would make sure to have 6-months of cash reserves before even considering paying more than the required amount to pay 100% over the plan duration.

      Here's the difference. If you owe $60,000 but have $2,000 in DMI, I would never suggest you pay $2,000/month over 30-months to get out early. I would suggest that you file a plan that pays $1,000/month over 60 months. Every year, if you have "extra" money beyond the 6-month cash reserve, go ahead and send it in as an additional payment. What could be bad is you propose a plan at $2,000/month but have an emergency and can only send $1,000... you just missed a payment and your plan is unnecessarily in jeopardy. Slow and steady wins the race.
      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.

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