Low Payment

[eap82]

Hi again. I recently had a job change and my income went down. My plan was amended and I just got my payment number. It's very low. That is of course a good thing. I was actually expecting to convert to a 7 but they are able to fit me into the 13 and keep my property, I am above the median income. My concern is what are my chances of confirmation if my plan is only like 11%? Anyone have a plan where their payment is literally their house and car and only a tiny bit to consumer debt?

[flashoflight]

eap82
My plan is 1%. I think you'll be fine with 11%. If all you can afford is a small amount for credit cards after expenses, car, and house, it is what it is.

[skyoumans]

Mine is like that. After paying for house and car, about $3-400 goes to creditors and pays the trustee too. Although, for the first 3 years, it is paying arrears, so the creditors will only get paid about 10% the last 2 years. Things are tight for us but less stressful than before we started. I'm so looking forward to having all debt gone in about 3 years. That will be such a good feeling!

[shipo]

eap82, no cause for alarm, lots of folks go through Chapter 13s with even less of a percentage of debt covered while in the plan.

[eap82]

Thanks everyone, hopefully I’m on my way to a confirmation.