I'm confused...now

[tcsd]

"This doesn't happen very often, but it is possible. The bk law does not permit a Ch 13 filer to pay back more than they owe, even if their income is high. Over-the-median plans last for five years *OR* until the creditors who file claims are paid back in full. Once the creditors who filed claims are paid in full, your plan is done."

So, if you're over the median and on a 100% plan, would you have to pay your full DMI amount until you've paid 100%? Or, would the 100% be "spread" over 5 years making your plan payments less than your DMI? This is assuming my DMI would be high enough to pay the 100% in about 2 years.

Sorry for the hijack, Pinkrose. Good thread.

[lrprn]

Nope this wasn't a choice, our lawyer told us we are under a three year plan. The median in maryland, is 54,000 a year and our income is $200K a year. We have our 341 meeting October 22. I will find out the final outcome.

It may be that you are going to have a 100% payback plan that will pay your creditors back in full before five years are up. Your plan may last only three years because there won't be any more money to pay back after that time. Is that how your lawyer explained it?

This doesn't happen very often, but it is possible. The bk law does not permit a Ch 13 filer to pay back more than they owe, even if their income is high. Over-the-median plans last for five years *OR* until the creditors who file claims are paid back in full. Once the creditors who filed claims are paid in full, your plan is done.

[Pinkrose]

how long from the time you met with your attorney to filing? I still haven't grecieved my plan; I met with my attorney 09/29/09. I submitted all the paper work, credit report, schedules-he always puts me off saying he is in court, etc, etc. All my schedules are completed. I guess I'll do my own plan. Can anyone use PACER??? My median is over so I'm assuming a 5 year plan. What you pay inside the plan I believe is the mortgage, car payments, etc---and inside is you unsecured debts. I'm assuming everyones plan is unique. I would love to know where you can review some plans. Any pointers would help alot.

Let see we met with our attorney the later part of August and he filed ours on Sept 8. Now we have our creditors meeting on the 22 Oct. I know what you mean about the lawyer always being busy. I had to be a bit aggressive with mine.

[lillybell]

how long from the time you met with your attorney to filing? I still haven't grecieved my plan; I met with my attorney 09/29/09. I submitted all the paper work, credit report, schedules-he always puts me off saying he is in court, etc, etc. All my schedules are completed. I guess I'll do my own plan. Can anyone use PACER??? My median is over so I'm assuming a 5 year plan. What you pay inside the plan I believe is the mortgage, car payments, etc---and inside is you unsecured debts. I'm assuming everyones plan is unique. I would love to know where you can review some plans. Any pointers would help alot.

[Pinkrose]

If you are over the median income and in a 3 year plan I would guess that you are paying your unsecured creditors 100%. That would be the only way you could be in a plan for less than 5 years if your over the median income.

Thats what I'm thinking/

[Pinkrose]

I will let you know what becomes of all of this after our 341 meeting.

[UpsideDownMI]

If you are over the median income and in a 3 year plan I would guess that you are paying your unsecured creditors 100%. That would be the only way you could be in a plan for less than 5 years if your over the median income.

[andy158]

There is no 3 year plan in West Virginia that I am aware of. We earn about $80k/yr and our plan payment is $1055/mo. I would love to be in a 3 year plan!

[jwmc1]

Interesting, I would like to hear what happens

[Pinkrose]

Nope this wasn't a choice, our lawyer told us we are under a three year plan. The median in maryland, is 54,000 a year and our income is $200K a year. We have our 341 meeting October 22. I will find out the final outcome.

[jwmc1]

what do you mean you are "going on a 3 year plan?" Has your attorney told you that you can proceed under a three year plan or is this something you are going to try? My understanding was that you could only do a three year plan if your income was under the median.

[Pinkrose]