How much money do you get left with?

[kimba251]

I was in a 7 and may be in a 13 after but I really have no extra money. How does this plan work that people are talking about and how much do they leave you for emergencies and to build a small savings for emergencies, or do they?

Could someone please explain how they pick the percentage you have to pay back. Does it change if you get more income later in your 5 yr plan etc or is it a set amount?

Hopefully my 7 will remain but just trying to see ahead and plan. If you pass means test on chapter 7 how do you end up in a chater 13. We have a deficit with any bills over our monthly ones now. (they don't include second car, ccards) We need to fix garage door, how do we plan to do this if they see all this "disposable income"?

[rrockinggramma]

so your trustee is pushing you into a chapter 13 over assets etc?

There are too many variables in a chapter 13 because everyone's chapter 13 is uniquely tailored to them. But the basics are:
1. your budget how much does it take for you to live each month, any special budget items to be accounted for etc
2. income what is your average income for the past 6 months and into the future

subtract the two above and you will have a rough idea of "disposable" income" and that would be the trustee payment (lots of variables though)

as to percentage paid back that all depends on your debts and if they are secured or priority or unsecured. And also how many of your creditors file claims.

IRS is paid back at 100 percent
Lawyers get 100 percent
Secured debt like cars and houses get 100 percent (unless car is crammed down)
unsecured get what is left over

there are some rules that have to be followed in a chapter 13, the main one being that the creditors have to get in a chapter 13 what they would have gotten in a chapter 7. Sometimes that is zero and sometimes, if you have lots of equity you are trying to protect, it is more

Each case is individual and just depends on your circumstances

[kimba251]

If we take our expenses minus our inocme we get roughly 100 which does not include money towards an emergecny or having any savings. I guess we kind of screwed ourselves when we did our schedule J for not outting all the little extras we have like dog food, vets appts, and things we pay that come up. I really ddin't see a place for that though

THanks for the info, I'll see what my lawyer has to say about this and what we need to do