Plan Confirmed Today!

[TrainWreak]

My new plan was confirmed today! Thanks to everyone on the forum for making the experience of filing, the 341, and waiting for confirmation easier.
34 payments to go

[klandsb]

Congrats to you. I hope to be in your shoes within a short period of time. The paralegal called me today with a few questions and said she is sending out a rough draft of the proposal by the end of this week... She just warned me that its only a proposal and isnt definate until confirmed.. OMG I am so nervous. Like what if they came up with some wild amount of money they want me to pay every mth ??
Trainwreak if you dont mind me asking... Do you consider your pmts reasonable ?? or should I say livable ???

[Nicollette]

Congrats on your confirmation!!!!

[TrainWreak]

Congrats to you. I hope to be in your shoes within a short period of time. The paralegal called me today with a few questions and said she is sending out a rough draft of the proposal by the end of this week... She just warned me that its only a proposal and isnt definate until confirmed.. OMG I am so nervous. Like what if they came up with some wild amount of money they want me to pay every mth ??
Trainwreak if you dont mind me asking... Do you consider your pmts reasonable ?? or should I say livable ???

Yes I do consider my payments reasonable. Every case is different and trustee. Look over the "proposal" very carefully and make sure you can really make the payment before signing. I don't like the sound of "proposal and rough draft". Likely it will be the petition filed with the court after you sign it. If your attorney and staff have a lot of chapter 13 experience in your jurisdiction the trustee should go along with the plan but that's right until confirmed it isn't locked in. I hope all goes well with your case! I have probably already said more than my experience should allow, just try your best to understand what you are agreeing to.

[lrprn]

Congrats, TrainWreak! Feels great to be confirmed, doesn't it?! Now it's just keep making your 13 payments on time and stay off your trustee's radar. Way to go!!

[klandsb]

The attorneys I have do bankruptcy's only so I feel like they have alot of experience and when I met with him he said they have a great realationship with the trustee's so I have my fingers crossed . I am not signing anything unless I feel that I will be able to complete the program. Its a very long story but in short I was involved with a debt settlement company for 8 mths and I am looking forward to a program that will really work.

[TrainWreak]

Good, you should be fine then. I was with a debt elimination program for a year and a half. I didn't need to make payments all that time and obviously it didn't help so here I am in BK 13. It does feel so much better to have some finality to look forward too! Much success to you.

Thanks for your encouragement lrprn. Yes it feels good!

[forgotten]

congrats! so glad you got confirmed at a reasonable payment!

I'm checking pacer every day hoping for the trustee recommendation on my plan... the trustee and my attorney are still arguing.

[JimKutkowski]

congrats! so glad you got confirmed at a reasonable payment!

I'm checking pacer every day hoping for the trustee recommendation on my plan... the trustee and my attorney are still arguing.

Generally speaking, a confirmation works like this:

1. Secured proofs of claim come in. The secured proofs have to match up with the plan, so if a secured creditor claims you owe $8000 and $1000 in arrears, the $1000 in arrears has to be accounted for in one area and remaining $7000 has to be accounted for in another part of the plan.

2. A liquidation analysis needs to be done. A liquidation analysis is when the attorney & trustee will determine what unsecured creditors would get in a Chapter 7 and at the very least that must be paid into the plan. Depending on income, that may be enough, and that is probably where your attorney and the trustee are haggling.

3. Usually the trustee will tell your attorney exactly what is needed for the plan to be confirmed and if they comply you get your confirmation.

Good luck to you.

[forgotten]

Generally speaking, a confirmation works like this:

1. Secured proofs of claim come in. The secured proofs have to match up with the plan, so if a secured creditor claims you owe $8000 and $1000 in arrears, the $1000 in arrears has to be accounted for in one area and remaining $7000 has to be accounted for in another part of the plan.

2. A liquidation analysis needs to be done. A liquidation analysis is when the attorney & trustee will determine what unsecured creditors would get in a Chapter 7 and at the very least that must be paid into the plan. Depending on income, that may be enough, and that is probably where your attorney and the trustee are haggling.

3. Usually the trustee will tell your attorney exactly what is needed for the plan to be confirmed and if they compl you get your confirmation.

Good luck to you.

I am actually being held up due to items in my budget. The trustee thinks my car payments are too high, and there are a few other expenses he thinks shouldn't be allowed. My attorney has provided some documentation on the other expenses, and aparently the trustee is still trying to determine if the current plan is "fair".

No worries on the liquidation analysis, everything was covered by exemptions and I am proposing $1000/mo for 60 months (all to unsecured, secured is outside the plan, no priority debt).

I checked all the cases that had the 341 the same day as mine and the rest of them already have a notation if confirmation is recommended or not... except mine.

[JimKutkowski]

I am actually being held up due to items in my budget. The trustee thinks my car payments are too high, and there are a few other expenses he thinks shouldn't be allowed. My attorney has provided some documentation on the other expenses, and aparently the trustee is still trying to determine if the current plan is "fair".

No worries on the liquidation analysis, everything was covered by exemptions and I am proposing $1000/mo for 60 months (all to unsecured, secured is outside the plan, no priority debt).

I checked all the cases that had the 341 the same day as mine and the rest of them already have a notation if confirmation is recommended or not... except mine.

If you are over-median the trustee's around here can be a little more stringent about expenses. I guess they themselves are under-median .

There is also a statute about how much a car payment is allowed to be in each district, that usually comes up on the B22C for determining above or below median, but they can be sticklers about that expense if your income is above median and sometimes ask you to pay the difference between what your monthly payment is and what you are allowed according to statute.

[klandsb]

liquidation analysis needs to be done. A liquidation analysis is when the attorney & trustee will determine what unsecured creditors would get in a Chapter 7 and at the very least that must be paid into the plan. Depending on income, that may be enough, and that is probably where your attorney and the trustee are haggling.

Jim, Did you mean Chapter 13 ????
I am in the Western Part of PA.... Over median- I am worried about a couple expenses I have and the trustee questioning them. One is I pay for 1/2 of my grandsons (he does not live with me) daycare .. Its $ 250.00 a mth (my share). My 22 yr old daughter is a single mom getting NO child support making $ 10.00 an hr. She was on unemployment but made too much to qualify for health insurance and found this job.. Also, she suffers from bi-polar and needs health insurance to pay for medication.
Also, my name is on the car she drives. I have been paying the car insurance for her but she pays for her gas. My ex and I purchased it and split the cost. It was $ 4000 about 1 yr ago. I still owe him on my part but thats another story ..
Anyway, if I put down 2 cars on my means test I come up with neg DMI but if I put one car I come up with approx $ 260 DMI....I think the trustee is going to have a problem with me owning 2 cars but I had to list it as an asset. Oh this is all stressing me out... I guess I just have to wait and see ..Any advise would be appreciated

[JimKutkowski]

Anyway, if I put down 2 cars on my means test I come up with neg DMI but if I put one car I come up with approx $ 260 DMI....I think the trustee is going to have a problem with me owning 2 cars but I had to list it as an asset. Oh this is all stressing me out... I guess I just have to wait and see ..Any advise would be appreciated

I don't want to step on your attorney's toes because it sounds like they are doing a pretty good job here, I would call your attorney when you get a chance and ask him or her how it is going.

[klandsb]

Jim ... I was just asking an opinion on how u think trustees in general look at these issues. I was just curious as to your thoughts and wasnt seeking free lawyer advise

[reb512]

Congrats! The confirmation should come pretty quickly because if you have that short of a repayment plan (mine is 39 months) than it should be pretty quick.