What percent plan do you have in Ch 13?

[anonymuse]

Just curious of the lows (and highs--which we know is 100%) of your plans.

I guess I pay more attention to the Ch 7 than the Ch 13 stuff, but was just thinking "how much does the creditor actually wind up with in the end?"

So, the minimum payback for a 36 month plan is $3,600; 60 month plan is $6,000. But what percentage of that $100+/month does the trustee get?

What percent is your plan and what was your original debt?

For example, a 20% plan where you pay 10K of 50K of unsecured debt.

[aa06a47]

Assuming my payments don't change in 5 years, subtracting out attorney fees and trustee fee's, I will pay back only around 10-12% of my debt.

My attorney and trustee gets the rest. (Trustee get 9.09% of the money, attorney gets a flat 1K)

On a side note, since my creditors had jacked most of my rates into the 25-30% rate, they are only going to get about 1/3 of the interest they would charge in 1 year.....(but over a 5 year period).

My prayers are that I can make it 5 years!!!

[danas15146]

Our unsecureds will end up with 22% of what we owed them. It's going to be a tough five years - but it is better than struggling to pay massive amounts of interest without even touching the actual debt.

We also had our interest rates jacked up to 25-30%. All started when our target visa payment was 2 days late. That resulted in chase cutting our spending limits and all of our creditors raising our interest rates. Damn universal default!

[lrprn]

Assuming our current monthly trustee payment and plan are confirmed as-is:
* our trustee will be taking 7%
* our lawyer will take another $750
* our unsecured cc's and loans will get around 30%

Our lawyer has already warned us the trustee may increase our monthly payment because our verified housing, transportation, and utility expenses are about $300/month over the standard IRS expenses for a 3-person family. We may be asked to defend our figures and luckily I've been keeping very detailed records over the last six months. However, that doesn't mean the trustee has to accept them....sigh...

[nervousSC]

Unsecured: 1%
Trustee: 4.3%
Total monthly payments: $185/60 months ----- $11,100 TOTAL (and I'm hoping and praying this amount does not change....)

[13inOR]

Ours was 100% to secured and unsecured, and it looks like the trustee got about 9% of what we paid in each month which was $1302. The attorneys fee
was $3000. ($500 paid up front, $2500 in the plan,)

[PI_Lvr]

I'm paying back 100% to secured and about 3% to unsecured. Trustee is getting a flat 10% of amount claimed ($86,000) and the lawyer got $1500.

[bkbiker]

16% to unsecured creditors, secured creditors paid outside plan,

Trustee is taking 6% -7% of the total amount of unsecured claims, this equates to about 30% of my payments going to the trustee,

Lawyer fees approaching $10,000.00

[lrprn]

Wow, bkbiker...$10K to your lawyer. You must have a very complicated case.

[helpless]

100% secured that is car and IRS, which will be paid off this month, then 23% to unsecured, trustee gets 3%, lawyer was $1200, plan is for $557 month for 37 months. Only 24 more to go.

[kags1969]

My total debt was like 105K. I am paying 56K back in 41 Months.

19,000 to the IRS is 100%
1,500 to attorney
4.8% trustee (~2600)
So about 28% - 30% back to unsecured.

I am 12 months in and have 29 months to go...

Kags

[Rob-NC]

This is my first post as a member of the site! Woot. AND as a bonus, my chapter 13 was finally disharged YESTERDAY! its been a LONG LONG 59 months....yes...59 months!

without going back over all the paperwork, I think that original debt etc was close to 85-90K. Paid back 15K

Wish I would of found this site 5 years ago! You all have a LOT of good information!

[Anj]

100% all the way around... total plan is 57k which we have $6000 dumped into now. We are in in month 6 of a 60 month plan at 965/month.

60 months - wow - seems like eternity.

[kags1969]

100% all the way around... total plan is 57k which we have $6000 dumped into now. We are in in month 6 of a 60 month plan at 965/month.

60 months - wow - seems like eternity.

Everytime I start getting freaked out about the length of time in my chaper 13, I do an amortization table of how much I would have left to pay with the same payment and interest at the end of my 41 month plan...

So if I wasnt doing the 13, I would be making the same payment for 41 months (assuming 12% interest) and still owe 80K at the end.

I am very thankful for a fresh start even with a $1540 payment... only 29 months left to go....

Kags

[aa06a47]

Yes Kags1969, at my current chapter 13 payment, I would not even come close to paying the monthly universal default interest payment let alone ever get my debts paid off. 3 payments down, 57 to go.