Ok, so my attorney utilized this tool to determine if my plan is feasible.
What you do is simply determine how much you spend versus how much you make, Schedule I and J.
If you are under the State median income, your plan can be proposed anywhere from 36-60 months.
If you are over the State median income, your plan must be proposed at the maximum 60 months.
You then will list your secured debts and secured priority debts like back taxes in the boxes.
Once you type in all of your SECURED debts, it will then automatically calculate if your plan is going to work or not.
Dont bother typing in your unsecured debts, they might get nothing or very little.
At that point, you will see if you need to revisit your expenses, or if you need to increase the number of months on your plan, if you are a below median filer.
Keep in mind, that if you cram down a auto loan, you would put in the KBB Private Party Fair Market Value, only if 2.5 years have passed since your auto loan originated. And then you would need to put in an approximate interest rate of somewhere between 6-9%.
At the end, it will also automatically calculate in the Trustee fee at the maximum allowable percentage of 10%, keep in mind that it may be lower wherever you are filing, but it can never be more than the 10%, and the 10% is based on the total amount of money being put into the plan.
Hope this helps everyone.
Anyone with corrections to my advice can post respectfully.
What you do is simply determine how much you spend versus how much you make, Schedule I and J.
If you are under the State median income, your plan can be proposed anywhere from 36-60 months.
If you are over the State median income, your plan must be proposed at the maximum 60 months.
You then will list your secured debts and secured priority debts like back taxes in the boxes.
Once you type in all of your SECURED debts, it will then automatically calculate if your plan is going to work or not.
Dont bother typing in your unsecured debts, they might get nothing or very little.
At that point, you will see if you need to revisit your expenses, or if you need to increase the number of months on your plan, if you are a below median filer.
Keep in mind, that if you cram down a auto loan, you would put in the KBB Private Party Fair Market Value, only if 2.5 years have passed since your auto loan originated. And then you would need to put in an approximate interest rate of somewhere between 6-9%.
At the end, it will also automatically calculate in the Trustee fee at the maximum allowable percentage of 10%, keep in mind that it may be lower wherever you are filing, but it can never be more than the 10%, and the 10% is based on the total amount of money being put into the plan.
Hope this helps everyone.
Anyone with corrections to my advice can post respectfully.