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when/how do payments work?

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    when/how do payments work?

    Do you begin making the proposed payment amount immediately, or once you file/confirmed?

    Is the proposed payment amount set by the attorney or trustee?

    Thanks.

    #2
    Originally posted by 95kindebt View Post
    Do you begin making the proposed payment amount immediately, or once you file/confirmed?
    You generally pay 30 days after filing. In some Districts, this date is preset and is based on your filing date, so it could be 16-44 days from filing.

    Originally posted by 95kindebt View Post
    Is the proposed payment amount set by the attorney or trustee?
    It's based on a combination of your Means Test, Schedule I/J, and somewhat your attorney. It's based on something called your disposable monthly income (DMI). There's a complex formula to determine such if your over-the-median. If under-the-median, they basically take Schedule I - Schedule J (less payments on other secured payments on cars and such).
    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

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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