Just started this process today!!

[mgal33]

Hello, my husband and I just submitted all our paperwork today.. It looks like the next 5 years are $1200.00 a month. My questions are the attorney told us that no matter what we are in this for 5 years. However, my husband usually gets 3000-7000 in a bonus every year, which they are going to take as well.. we have about 100,000 in debt.. If they take the bonus and the 1200.00 plus our plan will go up to 1600.00 in February 2018, due to a 401K loan being paid back.. Will we pay over what we owe??? does the payment ever go down???? and is truly something that can be manages without going insane!!! Thanks everyone

[justbroke]

I don't know if you're in a 100% plan or not. If you are in a 100% plan, then you do not need to pay your "disposable monthly income" (DMI), but merely what it would take to pay the plan at 100%. It reads to me that you may be close, but your bonuses are not consistent. Also keep in mind that if your payments include secured debt payments (house, car, etc), then it may not include payments towards the unsecured creditors.

When the lawyer is done, he should send you a copy of your plan and it "may" have a projected amount that will go to the unsecured creditors. This amount is sometimes given as a percentage or as a number.