341 meeting update - objection

[Anj]

there were only 3 parties there - we were in the room a grand total of 15 minutes. The trustee's helper played a tape recording of what we had entered into. It also strongly encouraged us to take a budgeting course offered free of charge a local community college. It is set up by the trustee. It also detailed how your payments are processed. How they have one supervisor and 2 employees opening, scanning and depositing the payments.

So - prior to entering we had to fill out a form w/our name and what our house is worth - what we make - how many kiddos we have - and if we pay child support.

We swore it - and she asked almost line for line the questions we answered on the form. She looked at our file and said "you know this is an above median case - objection" and our lawyer said - ok, I'll look at it.

And that was it. We walked out and our lawyer said - we tried to get a 4 year at 89%, but she is objecting... we may have to go 5 years and 100%.

OK... my question is... I don't owe anybody enough to go another full year in the plan... 965 x 12 = 11580 - WOW - that's a huge chunk of change...

I think I need to ask some more questions.

A

[bkfiler]

its based on how much disposable income you have. how much does that work out to be? you cant go more then that.

[Anj]

He proposed a plan of 48 months of 965/month with 89% repay.
Trustee wants a 100% plan and bump it to 60 months

YUCK - 4 years is bad enough - I don't want to go a whole year longer. It's not that I don't want to give 100% - it's the additional 12 months that is painful. And I don't know where the additional 11k is gonna go... I need that explained...

I guess I'm gonna be asking how to refi out after 36 months in 35 months... LOL... ahhhhhh

[bkfiler]

its based on how much disposable income you have. how much does that work out to be? you cant go more then that.

how much disposable do you have based on your attornys calcs?

[Anj]

965

[bkfiler]

just wondering - did you up your insurance, health and auto accounts? there must have been a way to keep that lower.

i didnt go through a chapter 13 so i find new questions to ask each day about them. just wondering, if anybody knows, how do they decide when its time to stop paying the disposable income you have.

why dont they make everyone go 5 years? if its 100 to 166 then its 3 years and over 166 then its 5 years? this whole 'how much to pay back think is interesting. why should that be anyways. why woud a person just pay 3 years (assuming its not the 100%) and not just keep being made to pay for 5 years.

it sounds like some of it is deal making but of course the trustee is going to ask for as much as possible.

[Anj]

this is where my question is going - they want me to pay back as much as possible... but my usecured debt is roughly 2000 - that's it. The rest of it is secured.

I owe 14k in arrearages - 19 in student loans - 800 to ADT (security) and about 1200 in CC - oh and the 4000 in van left on our loan.

so let's see...
14000
19000
800
1200
4000
2250 (lawyer fees)
_______
41250 total (minus the trustee's cut)

divide that by 4... that leaves 4K and change left over for the 4 years which I assume was going to the trustee - so I don't know where the 5th year and the additional 11K+ is going to go...

[gunsmoke]

It is my understanding that in a ch 13 if you make over medium income for your state, you go into a 5 year plan. If you make under medium income for your state, you go into a 3 year plan. The amount you pay monthly is your excess after your exp. The only way I see a plan under 60 months is a plan that paid 100% in under 60 months.

[Badgerz]

Just so nothing gets confused it MEDIAN income, not MEDIUM.

[bkfiler]

Just so nothing gets confused it MEDIAN income, not MEDIUM.

oh picky picky! hehe

btw, you misspelled 'it' it should be " it's "

[gunsmoke]

Who's Nothing? I didn't see his post. Does he get confused often?

[jennga]

Who's Nothing? I didn't see his post. Does he get confused often?

LOL

[bkfiler]

Who's Nothing? I didn't see his post. Does he get confused often?

I think Nothing is a woman.

[StaciMM]

I don't know the rates, but creditors are allowed some interest in a ch. 13. That might be part of the overage.

[PI_Lvr]

DO NOT FORGET that the Trustee gets his cut also. My plan says 5.9% and I've asked my lawyer, if you go 100% you still have to pay the lawyer AND the trustee, above and beyond what you owe in the plan. My issue is that I don't know how to figure out 5.9% of what...