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Chapter 13 Plan Payment

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  • Chapter 13 Plan Payment

    There is not much on here about plan payment amount. I met with the lawyer last Monday where he explain that I would be in Chapter 13 above median income. With just the pay studs and a few questions about house and car he said that I was looking at 2000 - 2500 dollar plan payments. Has anyone else had these high plan payments. I thought the idea of Chapter 13 was to make it so that you could afford housing, food, and transportation and what was left over went to the credits. What am I missing? Confuse!

  • #2
    The plan is based on your disposable income. There is a form that takes into account all of your allowable expenses and whatever is left over goes to the plan. A good lawyer can help create some wiggle room. Mine did. That bought me a few hundred dollars a month but nothing more.


    • #3
      Our payment is $3155 a month, which included 2 car payments. It is still less than what we were paying before filing.


      • #4
        At $3155 I would not be able to eat or have gas money let alone money for anything else. How do they expect us to live? i thought that this was to give us a fresh start.


        • #5
          A Chapter 13's fresh start comes after you receive your discharge. During the Chapter 13, you must live as if you have a budget, which you do, and you must pay your bills (the Plan payment) in order to keep the creditors at bay. It's the pay-to-play system. We do this so that we stop the phone calls and have a chance at being debt free in 36-60 months.

          Each Chapter 13 story is different. My Chapter 13 payment was over $7,500 at the end. For me, that was really expensive, but I still had nearly $4K/month for living expenses in my pocket to manage. The key is that I should have been able to live, entirely, on $4K/month just as I did probably 20 years earlier. It wasn't inflation that was causing the issue with expense, it was simply lifestyle (location, cars, debt to keep up with the Jones', frivolous spending (did I really need a Prada shirt?), excessive outside dining, vacations 6 times a year, etc). Yes, I was living the life as a multi-property owner and thinking the housing market in 2006 was never going to end and that my portfolio would be over $3MM in property within 4 years. I was completely wrong.

          Think of a Chapter 13 as forced belt-tightening. A person on a fixed income would naturally curb their spending in many areas. A Chapter 13 just forces you to do that in order to keep creditors at-bay and potentially discharge a lot of debt (I discharged well over $1,000,000). The nice thing about a Chapter 13 -- which wasn't a converted Chapter 7 -- is that you can voluntarily have it dismissed at any time should you want to go back swimming with the (debt) sharks. It truly is a pay-to-play system.
          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.


          • #6
            Did you tell the attorney how much per month you spend on food, groceries and other expenses?

            Did you try filling out the Means Test and especially the Schedules I and J before you consulted an attorney? Or are you non-exempt assets so high that you need that $2,000-$2,500 per month to pay into the plan so the creditors get in the 13 what they would get from you in a Chapter 7 liquidation?

            My plan payment in in the low 1000s ($1000-$1400 a month) that was after deducting about $1200 a month for food and groceries, in addtion to other living expenses. That amount is needed to feed me, wife and kids. That payment for 60 months (4 years done so far) covers secured creditors and unsecured creditors got whatever is left, and they are doing OK IMO.
            Last edited by switch625; 11-05-2017, 09:22 PM.
            Filed Ch 13 Fall 2013, 60 month plan


            • #7

              I only know that as far as our current payment is concerned we are barely able to pay the trustee $559 , let alone the $959 he originally demanded before confirmation.
              This is not due to not budgeting properly , but rather surging medical bills which just keep coming in! (We are currently $1200 behind on many bills and have been trying to pay on them in installments but had to stop this month in order to cough up $206 payable to the surgeon and hospital to allow me to get an almost emergency foot biopsy next week. I will still owe the hospital $234 more but they will allow us to pay the remainder over the next two months. I believe we will be paying for these tests,MRIs etc. well into the next year. My husband's company only offers an expensive HSA ,in which we have already paid more than $4000 toward. (The trustee will not allow us to increase our contributions ;we were warned he would raise our payment! )
              Our mortgage payment is very high ($2280) along with a $197 car payment (until 2020) so these are written in stone and the trustee can not negate these charges. My husband only clears $2559 bi-weekly, so one check barely covers the mortgage payment forcing us to save extra money from the other check just to have enough to eat for that two week period! We are looking at cutting back even more (feeding our four cats less daily, for example) but realistically as long as these weekly medical bills continue to accumulate we are fighting a losing battle!
              My husband's 4 year old car has a broken air conditioning unit (wire leak) that will cost $750 + and my 13 year old car's driver door handle broke off (my husband rigged it with string and duct tape so the sharp break won't cut my hand when I open the jagged remainder.) and we have no plans to fix either until we can get caught up if ever on these mounting bills.

              The lawyer says the trustee is fixated on our $400 in medical deductions and reminded us we are "only" repaying about 31% of what we owe, so we better figure out a way to pay our plan payments or else he will dismiss our Chapter 13 immediately.

              Inflexible indeed!


              • #8
                In response to Barbisi's post (she's my wife) ... we shall fight fire with fire.

                I mean this in a good way, for our benefit; not in a caustic way.


                • #9
                  The lawyer has always thrown up to us how "lucky" we are our payment isn't double what it is -like so many others on this forum! Supposedly, because my husband earns about $93,000 (before taxes and other payroll deductions), the trustee should charge us more than $1000 per month! But, given our monthly obligations and the huge monthly medical bills how would we be able to pay that and still survive? I think we are paying enough even if every one else on this forum thinks otherwise.


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