Newbie here with payment amount question..

[STEPH1079]

Hello everyone!
My husband and I met with a lawyer last week to discuss filing Chapter 13.
In our meeting, the lawyer went over what our monthly payments would be. He said that they base it on what your house is worth?? Basically if I can justify that our house is worth 150k, the payments would be based on that and also you can pick the time frame to pay it off (3-5 years).
For example if we said our house was worth 160k our payments would be $250. If we justified 150k they would be $165 on a three year plan. And to be "on the safe side" if it was justified at $160 our payments would be $305 for 48 months to allow for a little room.
I am confused b/c from what I have read about the monthly payments on this forum, it is based on your income. Can anyone help?

Thanks

[HHM]

That sounds a little strange.

What is the reason you are filing a chapter 13? Are you behind on payments on your house?

[STEPH1079]

We are behind one month on our mortgage (this month). The lawyer said not to pay it b/c that late payment will be included in our plan, then I will continue to pay the mortgage company monthly.
We wanted to file a chapter 7, but b/c real estate is so high now we would lose our home, so that is why we decided to go with 13.
We have about 26k in cc debt.