Question on figuring out Ch 13 Payment.

[Winger19]

I'm wondering about the means test and how they calculate the amount of your debt and what you would be able to pay off.

I have a $13,000 judgment and approximately $22,000 in old charged of accounts. When they add your debt up and multiply it by 25%, would both of our vehicles be included in the total debt? How about our home?

We have 57 payments left on one car and 53 payments left on the other.

Our home has 22 years left on the mortgage.
Thanks!

[SinkingFast]

If you're current on your mortgage and auto payments, they don't have to be included in your Ch 13 plan payments. Anything you can keep outside the Ch 13 plan is a bennie for you. It's a positive reporting tradeline you can carry with you thru the BK. Helps coming out the other side.

How the payment get's figured is a mystery to me. Maybe others that have actually been thru the process will chime in for you.

One attny roughed a Ch 13 plan for us. He just took Hubby's net pay and deducted his own set of expenses. Then he proudly announced we'd only pay $197/mo for 5 years.

It was like the Magical Mystery Tour how he got that payment.

[aa06a47]

If you're current on your mortgage and auto payments, they don't have to be included in your Ch 13 plan payments. Anything you can keep outside the Ch 13 plan is a bennie for you. It's a positive reporting tradeline you can carry with you thru the BK. Helps coming out the other side.

How the payment get's figured is a mystery to me. Maybe others that have actually been thru the process will chime in for you.

One attny roughed a Ch 13 plan for us. He just took Hubby's net pay and deducted his own set of expenses. Then he proudly announced we'd only pay $197/mo for 5 years.

It was like the Magical Mystery Tour how he got that payment.

Not sure about that.....both my first and second mortgage payments are outside the plan, but both are reporting as PP. It is flustrating to see that on my credit report. My attorney said they work on those things after the BK, not while I'm still trying to get approved. So, hope it works out.