I recently filed chp 13 bk. my attorney plan includes me paying of arrears for my first in the amount of $650 mo. He said I must pay off my $40,000 second in the plan in 60 mo. which makes my monthly payment on my 2nd which is $100 go up to $800 a mo. I told him I cant afford to he say thats what the plan calls for. I don't understand. this puts a huge burden on me that is not sustainable. I have my 1st, my 1st arrears, and now my entire 2nd to be paid off in 60 months. can some one explain if this is how it works.
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You really need to have both a feasible and a livable plan. There may be some things that you are not looking at, such as debts that you would no longer pay, when you see the $800 a month. Perhaps the credit cards no longer being paid, along with some other debts being discharged, created an additional $700 in DMI. If you can payoff the 2nd, it may be better in the long run.
If you are this uncomfortable, you should schedule some time with your attorney to have a heart to heart. Let the attorney go through the numbers and how the attorney believes that this additional $700/month is funded from otherwise "disposable" income.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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