Ch13?

[EKIMONE1]

hello,

My wife and I make about 5800 after taxes monthly. We have 45,000 in cc, 15,000 in car payments and about 110,000 in sl. Our 1st and 2nd mtg add up to around 2,050 a month. What is the likelihood we will be at 100% payback. We are in Illinois and I am concerned w/ the % payback.

[researchnerd]

You might want to read this thread.

[lrprn]

My wife and I make about 5800 after taxes monthly. We have 45,000 in cc, 15,000 in car payments and about 110,000 in sl. Our 1st and 2nd mtg add up to around 2,050 a month. What is the likelihood we will be at 100% payback. We are in Illinois and I am concerned w/ the % payback.

A lot more goes into sorting out a Ch 13 plan's payback % than just your incomes and secured and unsecured debt levels.

Just curious.....why are you worried about your payback %? It is what it is. What matters in Ch 13 is the ability to reorganize your debts and have the protection of the automatic stay to quickly stop your debt from climbing ever higher and get out of an insurmountable hole in a relatively short period of time while saving assets you wish to keep. How much each creditor that files a claim gets back in the end doesn't matter.

Researchnerd's link to HHM's 'sticky' explanation of Ch 13 payback % is excellent and well worth reading in your situation.