Signing Wednesday and filing next Tuesday.....what happens next?

[Monicak1971]

What happens after we file next week? At what point will our income and expenses be reviewed to determine our payment amount? When will our first payment be due?

Monica

[justbroke]

You should know what your payment is likely to be, at your signing. Your first payment is due "within" 30 days of filing. It is really District specific and some Trustees have certain payment dates. For example, my Trustee had a payment date of the 28th. (But they understood that, through my payroll deduction, they would only get money on the 15th and the "last" business day of the month.)

So, after you file, you will have a 341 Meeting in about 30 days from filing.

Depending on your State, you may be confirmed the same day (very few States do this) or your confirmation would come within 90 days or so from the 341 Meeting.

Creditors will file "claims" so that they can be paid.

The Trustee may or may not object to your Plan of Reorganization (payment plan). If the Trustee does object, you and your attorney work through the issues to get it confirmed.

You do your level best to stay "in plan" and not draw the attention of the Trustee! Just pay on time and everything should run smoothly over the next 36-60 months (unless you're in Michigan where your plan will last up to 60 months after confirmation).