lowest 13 payment

[lp1967]

what is the lowest 13 plan payment . isnt it 100.00 per month . what is the lowest any of you heard of. thanks war eagle 08 14-0

[lrprn]

what is the lowest 13 plan payment . isnt it 100.00 per month . what is the lowest any of you heard of. thanks war eagle 08 14-0

Unfortunately it isn't that simple, lp.

The $100 you've heard about is the absolute minimum amount of calculated disposable income every month that could potentially support a Ch 13 plan. That doesn't mean your Ch 13 payment will be $100/month.

The amount of the actual monthly payment is calculated through a complex cross-comparison of gross income vs. expenses vs. exemptions on the Means Test and Schedules. It's possible in some courts to file Ch 13 and the only things that ends up being paid back are your lawyer's fees and the trustee's admin fee. This is very unusual and requires a very unique set of financial circumstances, but it is possible.

The best thing you can do if you are considered filing Ch 13 (or Ch 7) is to make free or low-cost initial consultation appointments with 3-4 experienced bankruptcy lawyers in your area. There's no obligation, and the visits will help you understand more clearly what's going to be possible and what's not in your situation.

Hang in there - keep asking questions - we'll help you sort things out as best we can.

[lp1967]

thanks for info. i was just wondering if any one had a really low payment . my wife is the only one working , could we file 13 ?

[EveryDayAdam]

It's possible in some courts to file Ch 13 and the only things that ends up being paid back are your lawyer's fees and the trustee's admin fee. This is very unusual and requires a very unique set of financial circumstances, but it is possible.

This is the situation that I ended up with. The lawyer I have specializes in setting this up. I pay $199/mo for 11 months. That pays the attorney and the trustee and i'm done.

[lrprn]

thanks for info. i was just wondering if any one had a really low payment . my wife is the only one working , could we file 13 ?

What decides if you can file Ch 13 is if sufficient disposable income shows on your completed Means Test and Schedules. If you don't show sufficient disposable income to support a Ch 13 plan that pays your non-secured creditors at least as much as they would get if you filed Ch 7, then you can't file Ch 13.

The best thing you can do to find out what's going to be possible in your situation is to make free or low-cost initial consultation appointments with 3-4 experienced bankruptcy lawyers in your area. You'll learn a great deal about which chapter it's likely you can file plus any potential problems you may encounter if you file.

Hang in there. You are starting this journey out the right way - by learning as much as you can about bankruptcy. Keep posting questions - we'll help you figure things out as best we can.

[lp1967]

wow i thought it was a minimum 36 months.

[KeepinFaith]

interesting, I didnt realize payments could be that low. At the same time I know each case is different as well. I was just thinking...what is the average amt, most of you are able to save each month once all of your expenses have been paid? Is a savings of $200 month possible on these plans?

[busby]

My payment is $222/month for 60-months.

This payment doesn't hurt too much but I have to watch everything else - which is what being in a Chapter 13 payment plan is all about. I'm not eating steak, but I'm not eating beans everyday either.

For me - the $222 payment is MUCH better than struggling to make just the minimum payments on the credit cards - which were significantly more.

[MajorMike]

$222 should be a piece of cake!!! I can make that online on the side easily.....

[qwertysue]

$222 should be a piece of cake!!! I can make that online on the side easily.....

Dude. You DO NOT GET IT do you?????????? Who are you to determine if a certain payment amount should be a piece of cake for the poster?

Did you not read

This payment doesn't hurt too much but I have to watch everything else - which is what being in a Chapter 13 payment plan is all about.

Want a cookie for being able to make $222 online on the side easily? If it's that easy for you to make that online on the side, why are you in bk????? Or did you throw that comment in to prove that you are better than the poster if they do not have the time/resources to make the $$ online?

[MajorMike]

Querty, you have ALWAYS had a problem with me....why is that?
I never said I was better then the poster. $222 is NOT hard to do on the side...is all I'm saying. I'm in BK to stop the interest I'm paying and get it paid off. If I had $222 to pay, I probably would not be in BK. I have disabled friends that work side jobs to afford things. Why don't you please keep your comments to yourself and stop butting in all the time. You are a real piece of work.
I'm done.

[holding on]

All I know is that there where many many times I didn't have $2 in my pocket to even buy a piece of cake, let alone $222. You don't know whether that person can do something on the side or not. Saying you can do something piece of cake puts down the person who can't, even if you don't mean it that way.

[qwertysue]

MM you have no clue how a different district/trustee would handle extra income not stated in the plan. While your trustee/district may approve of an extra $2,664 a year ($222 a month), another may frown on it and who knows what could happen to the filer--an audit, a monthly increase, nothing, etc.

[PoorGrammyinBK7]

This is the situation that I ended up with.
The lawyer I have specializes in setting this up. I pay $199/mo for 11 months. That pays the attorney and the trustee and i'm done.

That sounds almost too good to be true! So how much debt was out there - unsecured that was discharged? What kind of debt? How do you get out of paying for 36-60 months?

We were going to do a Chapter 7, but Lawyer is trying to talk us into a 13. We hardly have any disposable income at all - not sure we even qualify to do a 13.

Do you - or does anyone - know what the minimum qualification is to even do a 13?

Example: Current expenses with 2 cars does not leave but about $100 for food /misc. Trying unsucessfully to sell one car (can we give it up in a 13?). Can get it to about $470 if we sell or turn the car back in, get rid of its insurance and gas, and if we can get a cheaper plan on cell phones (we have no home phone and want to keep these). But that $470 includes food and personal and misc.

Any thoughts??

[Cali]

And your post has what to do with the OP's question?

$222 should be a piece of cake!!! I can make that online on the side easily.....