Is there a formula?

[PI_Lvr]

I was told by a lawyer that Chapter 13 is my way to go. I owe about 75k in unsecured (65k credit card and 10k consumer). I have a vehicle worth about 2k and my house is worth between 135k and 150k. I have 2 mortgages...1st is 71k and 2nd is 44.5k. My primary vehicle is leased with a balance of 18k. Our total monthly income is around $4200 net. I'm trying to figure out what our payback would be...and if there's a specific formula to figure it out.

Thanks,
John in Virginia

[rrockinggramma]

There are model plans posted on the internet that you might want to check out. In our situation, we are paying 100 percent back to all secured parties (crammed down 2 cars, furniture loan crammed down, and the IRS) and then the rest is considered unsecured and that is a percentage. Your plan has to be able to pay back what they would have received in a chapter 7 and it has to be your best effort. This is very vague answer but a good lawyer should be able to go over how a plan is set up.