base plan is $161,480.00 !!

[tm0101]

I was shocked, I knew I owed a lot, but damn!!. Has anyone seen a base plan higher? That's a 3 bedroom house!

[LadyInTheRed]

I am sure there have been higher. It is very fact specific and should not be mysterious. It also should be related to how much you owe only if there is some reason you have to be in a 100% plan. Make sure you understand the basis for that figure. Assuming it is a 5 year plan, is your disposable income $2,691.33 per month? Or do you have minimum amounts that must paid in the plan such as arrears on debt secured by assets you are keeping or significant non-exempt assets?

ETA: In my neck of the woods, if that bought you a house, it would be a serious "contractor's special" and probably not something you would want to live in without a lot of work. My 845 sq. ft. 2 BR home on a 4,000 sq. ft. lot is worth at least $350K and possibly as much as $450K, and at the low end of the market.

[markinva]

Mine was higher. Above median so I have a 5 yr, 100% plan. Started paying a month after FILING but it took 9 months to CONFIRM the plan due to negotiating on the high plan payments. Managed to pay a little extra each month so I will be making the final payment next month. In my case, the trustee included a non-dischargeable student loan in my plan payments which turns out to me to have been a big mistake on the part of my attorney. Hardest parts of the BK for me was learning to budget and living within it and carefully calculating annual Fed and state taxes so, at tax filing time, I would neither owe additional tax or get tax refunds.

[tm0101]

I do have arrears on my mortgage and two cars. Which one of the cars is 100% payback, since it was a little over a year old. The other was a cram down. I understand the basis for the figure. Over a 60 month period that includes my mortgage payment of $969.34.

[tm0101]

On a side note, Chapter 13 can be a problem solver if you can stick it out.

[bridget]

Mine is 151,800 and a 100% pay back. It also took 9 months to confirm. It includes a car that was two years old from the date of filing. It takes my breath away when I think about being that deep in the hole. As much as it really sucks to be in this situation, I thank my lucky stars that it was an option for us. We are so much better off now that we were 3 and a half years ago. And, when we are discharged, we will have our second mortgage of 70,000 stripped. Can't wait to be done. 18 months to go!

[PatG]

Ours is $217,700, NDC shows 100% payback but our attorney says it is actually about 13%. We had our two mortgage's and $75k of taxes included. Right now we are 1/3rd of the way through. It's not easy but it's doable. Good thing is, if we get through it, IRS is paid off and our second note on the house will get paid in full. We couldn't get it stripped. Upon completion we should have lots of equity in the house and $3650 more a month in our checking account. Hopefully the next 40 months will go as fast as the last 20 have.