Ch. 13 repayment amounts

[bklawn]

Payment plan

Hey I've seen several payment plans. One of the lawyers I've seen said that the trustee would make me and my wife pay back 75% of the unsecured even if the DMI is $1600 because we make too much money and our house note is above the means for our means test. My question is can they make you pay more than the disposable income.

unsecured is 272242 with 2nd stripped.. $3403 which is 75% The means test say $1600

house note 2332
Irs housing 1209


HELP>>>>>>>>>.................

[klandsb]

Actually I am current on hse, heloc and car.. I have 2 1/2yrs left on my car so I am thinking maybe the lawyer wants to stretch it out.. I dont because I will be paying on a 10 yr old car ......Dont think it could be stretched out because I havent owned it long enough...

[andy158]

Same here. Houses and cars were current and lawyer suggested to keep paying them as usual outside of the plan. The banks still get notice of your bk, but if you are making payment as scheduled you continue to keep the assets. Probably would suggest putting in plan if you are really upside down and/or facing foreclosures. Just my 2 cents worth.

[ccfriend]

ccfriend.... Who decided what u paid outside the plan.?? I would like to keep my mortgage & car pmt out of the plan but attorney advises otherwise. I just dont understand why I would want it in there and add the trustee fee. I just feel better paying it myself ..That way I know its paid everymth and I still have control over some of my finances...

My lawyer suggested I keep it outside of the plan because of trustee fees. Both my car and house were current.

[Billssuck]

Only had $144 DMI and $4,500 in non-exempt assets thus a payment of $125/mo for 36 months. Mortgage (1st and 2nd outside of plan) and student loan outside of plan. Once we're through this, will discharge $107K unsecured debt.

[andy158]

WV filer with $118,000 unsecured. Crammed down $10,500 car balance to $5,200. Payments went from $375/mo to $100/mo paid out of plan. Plan payment is $486 bi weekly ($1,055/mo). Not confirmed yet, but attorney sees no problems. Wife and I combined income is $110,000/yr. Keeping house and rental house outside of plan as well as second car. Surrendered two motorcycles and boat (bought three years ago when both had good jobs). Filed due to economy and reduced wages in current jobs. Credit cards rate jacked , double/triple payment jacked and limits slashed. We could not sustain minimum payments ($3,000/mo). Lost most equity in houses. Was going to refi to pay unsecured debt, but credit score tanked caused by cc's made us high risk.

[coronaglen]

I don't know how it came about but i like it better this way. although i read some people had their cars paid off eearly due to being part of the plan. maybe because we had 5 years still to go on the car loans so it didnt make any sense. Maybe there has to be some cram down....????
I guess that is why some people have realy large payments. my 301 is for my heloc and cc debt.

[klandsb]

ccfriend.... Who decided what u paid outside the plan.?? I would like to keep my mortgage & car pmt out of the plan but attorney advises otherwise. I just dont understand why I would want it in there and add the trustee fee. I just feel better paying it myself ..That way I know its paid everymth and I still have control over some of my finances...

[ccfriend]

I have also seen the amounts differ based on how many things are included in the plan. I pay our mortgage and car loan outside of the plan.

[coronaglen]

wow. well i feel kinda guilty after reading Dovette7.

We filed 13. We had 200,00 in cc debt. and a second of 225,00 that we stripped. But due to change in income our payment is 301 a month.

like someone else wrote previously. it is all about what is left over. we could have been a 7 but wanted to strip the heloc and keep the house.



3 payments down and 57 to go.

[klandsb]

Casdem1... Just curious...When u say u " support two grandchildren ages 7and 5 and a daughter who has mental problems" do they live with you ??? Were u able to put any expenses down for them in your mean test ??????? I was wondering about your household size and such. It just seems that in reality with supporting all these people your income is not that high ... Honestly, I know my daughter also has some problems and I spend alot of money helping her and also my grandson but I have no choice...Family is very ,very important to me...

[bklawn]

[QUOTE=dovette7;186235]Our monthly payment is $3170
We are from GA also. Husband made $182K a year
We surrendered our home, motorcycle, jetski.
Had $105,500 in unsecured claims(not counting the 2nd mortgage that will be unsecured of $41,000 after 1st mortgage sold house)
Had $24000 in secured claim defeciancy after sell

Plan is supposed to pay Unsecured 80%
Unsecured is $ $112000
Secured is $46500 (vehicles with interest paid in plan)
Priority is $14000
Plus attorney fee
Plus Trustee fee

I haven't heard anyone paying this much unless their home was included.
We got ourselves in a BIG mess and was almost a test case for our district because we were high income filers with high unsecured debt....bad attorney advise to NOT wait to file until my previous job had come off our last 6 months of income....looking back we may should have kept the house which would've lowered our payback percentage, but shoulda coulda woulda.... never would have gotten in our mess in the first place![/QUO

Hey , I'm from Georgia too. Why did you give your house up? Also how long did you have to pay..

we have a income of 148000
150000 unsecured
planning on striping my second on my house
which would make unsecured about 277000
despo. income looks like about 2200 per the attny..so payment about 2400 60 months..

[B65]

That is a lot to pay back on what you earn with dependents, with your mortgage, groceries, utilities, insurances, clothes,food how can they make you pay that much back?

[dovette7]

Our monthly payment is $3170
We are from GA also. Husband made $182K a year
We surrendered our home, motorcycle, jetski.
Had $105,500 in unsecured claims(not counting the 2nd mortgage that will be unsecured of $41,000 after 1st mortgage sold house)
Had $24000 in secured claim defeciancy after sell

Plan is supposed to pay Unsecured 80%
Unsecured is $ $112000
Secured is $46500 (vehicles with interest paid in plan)
Priority is $14000
Plus attorney fee
Plus Trustee fee

I haven't heard anyone paying this much unless their home was included.
We got ourselves in a BIG mess and was almost a test case for our district because we were high income filers with high unsecured debt....bad attorney advise to NOT wait to file until my previous job had come off our last 6 months of income....looking back we may should have kept the house which would've lowered our payback percentage, but shoulda coulda woulda.... never would have gotten in our mess in the first place!

[lrprn]

equity in your home can play a big part also, plus any non-exempt assets you might have.

True - how the equity in an asset compares to the state's allowed exemptions can have an impact on how much you end up paying the trustee if that proves necessary to keep an asset you can't fully protect.

However, paying your trustee an agreed amount monthly to pay off the 'equity minus exemption' difference to keep a secured asset is not calculated in the confirmed Ch 13 payment. The two payments to the trustee may be on the same check, but on the accounting side they are handled differently in most trustee offices. This is because the Ch 13 trustee keeps all of the 'equity minus exemption' amount but by law can be paid only 2.5-10% of the confirmed Ch 13 payment as each trustee's administrative fee. (The % allowed is set by each bk district in each state.)