Are repayment plans only 3 or 5 years, or is it possible

[hootown]

to have one that is longer than 3 years but less than 5 years? What circumstances would that apply? Would it only apply if you are able to pay off all your unsecured debts before the 5 year period ends?

[lrprn]

to have one that is longer than 3 years but less than 5 years? What circumstances would that apply? Would it only apply if you are able to pay off all your unsecured debts before the 5 year period ends?

Before last October and the change in the bk law, it wasn't unusual to see differing numbers of months between 36 and 60 months for Ch 13 plans. However, now that the law specifies 36 or 60 months, many lawyers and trustees are interpreting the new law strictly and assigning either 36 or 60 months to Ch 13 cases. One rough division that seems to be happening is that Ch 13s under the median income go 36 months and Ch 13 cases over the median income go 60 months.

Whether this will be the case in your district depends on local customs and what's acceptable to the trustees and the judges.

[SinkingFast]

I have seen a case on PACER that went 42 months.

The people were below the Median. They had arrears on their house and car plus unpaid taxes that would be made up in the plan. Also, their house and car payments were gonna be included as well. Their Ch 13 was 100% to Secureds and Priority Debt. And attny's fee and Trustee's fee, of course. No Unsecured debt.

I think their plan was structured that way because it was gonna take that long to catch up on their arrears.

[CATCHMEIFYOUCAN]

Would it only apply if you are able to pay off all your unsecured debts before the 5 year period ends?
My plan is for 5 years, but I'm not at 100%. Meaning my creditors will probably get about 40% in the end, the remaining after 5 years will get discharged. I found out too that if one is not at 100% you do not get to pay it off any early than the plan (state of Virginia) Pretty dumb but than I see why, my only conclusion is if you have the money to pay off the rest of your plan at a percentage, then the remaining years you have left, you still have that disposable income to keep paying until you've reached 100%.

If your plan has already been confirmed and you are paying 100% by the end of you plan, than YES, you can pay it off IF YOU CAN as early as you want. Makes sense.

I KNOW, IT SUCKS!

Catchmeifyoucan

Oh yeah, there is such a thing as a "hardship," if you are in a 13 and something drastic happens (god forbid) like your income changes drastically you can modify your plan for lesser payments or change it to a 7.

hmmm ... i might have to get fired from one of my jobs in bit !

[anonymuse]

I KNOW, IT SUCKS!

What would stink more is not having the right as a US citizen to file for Ch 13 at all! We don't have debtors prison in this country and if you couldn't file at all, your debt due to gambling would follow you around for the rest of your life.

[CATCHMEIFYOUCAN]

Sooo Thats Why .....

Before last October and the change in the bk law, it wasn't unusual to see differing numbers of months between 36 and 60 months for Ch 13 plans. However, now that the law specifies 36 or 60 months, many lawyers and trustees are interpreting the new law strictly and assigning either 36 or 60 months to Ch 13 cases. One rough division that seems to be happening is that Ch 13s under the median income go 36 months and Ch 13 cases over the median income go 60 months.

So thats how they determine 5 years on mine, because im over the state median! Darnit!

Catchmeifyoucan

[anonymuse]

So thats how they determine 5 years on mine, because im over the state median! Darnit!

Catchmeifyoucan

Maybe you should read the Tactical BK Manual

http://www.bkforum.com/showthread.php?t=2191