Update @ 2nd job

[missem]

Well I spoke to my attorney this morning & since my confirmation is on 8/22/07 he told that if I start a job before that then the trustee will want to additional monies & that if I wait until after the cofirmation to get 2nd job there wouldn't be any problem. Also 2% is being paid to unsecured debts.

[lrprn]

Well I spoke to my attorney this morning & since my confirmation is on 8/22/07 he told that if I start a job before that then the trustee will want to additional monies & that if I wait until after the cofirmation to get 2nd job there wouldn't be any problem. Also 2% is being paid to unsecured debts.

Thanks for the update, missem. Hope things go smoothly for your case at the confirmation.

[woeisme]

2%

2%?? That sounds pretty unbelievable. If you could only pay that much, why wouldn't your case go to 7 instead of 13? If you make too much for 7, seems like you should be able to pay more than 2%, and if you want to do 13 to save a house or other assets, seems like you'd need to pay more than 2% to meet the criteria that the creditors get as much in 13 as they would have in 7. Anyhow, just doesn't sound right to me, I haven't been here long, but didn't think anything under 10% would fly. Just asking....



oops, never mind, I just re-read and saw that was for unsecured, not for total debts. sorry!

[wrktwoliv]

I've seen cases where even less than 2% is paid back

The bankruptcy judge has final say. He can even confirm a chapter 13 that pays 0% to unsecured. I saw one.

A person may be in a 13 that doesn't own a house or property but just makes to much for a 7. But their disposable income can be almost nothing. child support and other obligations can decresase their disposable income.

[missem]

I am not too familiar with this either, but that is what the letter stated that the trustee sent me. The biggest part of my debt is secured.

[Granny]

The bankruptcy judge has final say. He can even confirm a chapter 13 that pays 0% to unsecured. I saw one.

I am one!!! I am confirmed with 0% going to the unsecureds.

[cso5@]

Mine's 4.97%

I will pay 4.97% to unsecured's.
Mine's mostly unsecured.....
And, it's less than 60 months.

I think with the new law, there are no hard and fast rules anymore. Like sometimes I read, your plan will either be 36 months, or 60 months. But, not so. Also, you hear, oh, the car cram-down thing went away with the new law. Not so, as mine is being paid in the plan, and the secured part is the value of the car at the time of filing. The rest of the loan is now lumped in with the unsecured's.

I am under the median. I had far FAR more unsecured than secured. About $3K in the plan to be paid to the attorney (already paid). About $8K in priority claims (back income taxes). About $18K in secured claims (mortgage arrears, my crammed-down car). And about $83K in unsecured claims, about $68K of which is student loans, which, even though it is listed as unsecured, that debt will survive the bankruptcy. Nevertheless, they are listed as unsecured.

I have been in my Chapter 13 for a year and 4 months. I am very grateful to be able to have a fresh start -- in 3+ years, but hey, who's counting??

[gunsmoke]

0% unsecured's