Chap 13 payback %?

[davids]

does anyone know what the typical % of a plan might be?
lets say I have $100k in debt and I file chap 13, what
can I expect to pay back in a payment plan?

Thanks alot.

[coma]

I don't know that there is a typical value, simply because the trustee has so much credence in what he can do, it varries from district to district.

[CATCHMEIFYOUCAN]

It all will depend on your disposable income! What percentage you can payback will depend on the amount of years (not more than 5) will tell you! My plan WAS $250 a month for the next 5 years, which means the creditors in the end will only get back 25%, now trustee wants more, which means of the judge confirms the higher plan, the creditors will be paid 40% by end of my plan.

Good Luck!

[anonymuse]

That is such an individual question based on your secured and unsecured debts and your amount of disposable income.

Person A could be under the median income (limitting his/her payment to a 3 year period) and have 300 disposable income and 30,000 in debt.

$300 / month * 36 months = $10,800 payback total
$10,800 payback / $30,000 total debt = 36%

(There are other factors, but this is roughly how it is calculated.)

Peron B could be over the median income and have 300 disposable income and $150,000

$600 / month * 60 months = $36,000 payback total
$36,000 payback / $150,000 = 24%

[SinkingFast]

There is no set %. It's totally based on your disposable income and local customs.

Say you have $120K in debt with $200/mo disposable income. That looks like a 10% payback. BUT, the remainder of your attny's fee comes out of your plan payment, right off the top. Plus the Trustee gets a plan administration fee as well. In our case here, the Trustee takes 8.5%.

For purposes of example, that's $12K total paid in over 60 months. Less let's just say $1500 attny's fee that comes out. Less the 8.5% Trustee's fee. You'd actually wind up paying in the neighborhood of 7-8% of your debt, total.

[coma]

That is such an individual question based on your secured and unsecured debts and your amount of disposable income.

Person A could be under the median income (limitting his/her payment to a 3 year period) and have 300 disposable income and 30,000 in debt.

$300 / month * 36 months = $10,800 payback total
$10,800 payback / $30,000 total debt = 36%

(There are other factors, but this is roughly how it is calculated.)

Peron B could be over the median income and have 300 disposable income and $150,000

$600 / month * 60 months = $36,000 payback total
$36,000 payback / $150,000 = 24%

I've got that $10,800 payback figure, but $76k in debt...

[anonymuse]

I've got that $10,800 payback figure, but $76k in debt...

Approximately 14%. But I thought you said in the first post $100K debt? How much disosable income do you have each month--about $180?

[dac67]

I am paying back 160.00 a month X 36 / 7% payback

[coma]

Approximately 14%. But I thought you said in the first post $100K debt? How much disosable income do you have each month--about $180?

The OP had that 100K in debt...I just thought it was cool that you choose my payoff figure...

[hootown]

dac67 ,

Are you under the state median income or do you only have secured creditors?