What are the benefits if it doesn't come off your CR for 7 years anyway? Would you pay more per month ? How does that work?
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The only way you're gonna get a 3 year/36 month Plan under New Law is,.............
If your income is below the Median, or,..........
Your Disposable Income would equal a 100% payback in 3 years.
There is no "paying more each month to shorten the Plan". In BK, you pay ALL of your Court determined disposable income to the Trustee each month. Until you've paid back 100% or until you reach the term of your Plan. 36 months for below Median filers. 60 months for most folks. Which ever comes first.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
I've read here that only 100% paybacks can be 3 year plans, I think. I think your plan is 10%, so you'll probably have to do 5 years. I would think the big benefit of a 3 year would be that you could be discharged early and if you run into any money (lottery, inheritance, currency futures arbitrage, a bet on a Jets Super Bowl win, etc.) it will not be part of the bankruptcy estate so you can keep it. I noticed I say think a lot...I haven't filed yet or had much experience with bk, so take it for what it's worth.
LeftyfFiled Ch 7 - January 29th, 2008
341 - February 29th, 2008
Discharge - June 20th, 2008
Closed - October, 2008Comment
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a bet on a Jets Super Bowl win, etc.
Got a chuckle out of that one. Housemate is a Jet. (in his mind)
Oh, the pain.
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We are in a 3 yr plan. We can not pay it off before the 3 yrs so our trustee states. 20 more months to go. We are also waiting on the motion to see if we can convert to a 7 we met the median and waitin on trustee to say it is a go. When we first started our 13 we were not a 100% payback and got 36 monthsComment
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I completed a 3-year, 60% plan, $2500/mo. Lucky me!...
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If you completed a 3 year plan, then you must have filed old law. It's different now!!!!I used to have a life, now I have grandkids.Comment
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We are a 3 year plan only paying like 7%. We are about 40,000 below median income.Comment
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We are in a three year plan as well. Filed May 07, with 10% to unsecured. We were below median too, with a failed business, very little to no income for the six months prior. Our lawyer insisted we find full time jobs before we could file the Chapter 13, and they used those figures to get our payback. Unfortunately, my husband lost his job 5 weeks ago, and is still looking. I receive bonus' in addition to my salary, so we're hanging in here.
With our budget, we see we can make it to mid October before something has to give. 31 payments to go, not that we're counting ;)Comment
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