Bring out the Xanax, I have a question

[arkienurse]

Just found my last modification, and have a queston. It does not say I am in a 100% payback, as the trustee website does. It says unsecured creditors are to receive a pro rata dividend. Then it says they are to be paid at least as much as they would receive under a chapter 7. It also says my plan length is to remain the same, but doesn't define this. My original plan called for 36 months and was a 100% payback.

How can I determine how much they would have received under a 7? I have been googling, but so far the sites are mostly blank plans to be filled in.

[CATCHMEIFYOUCAN]

If it were me I would just ask my lawyer (IF you have one) or the Trustee himself to explain things and make it clear

Best Wishes, Catchmeifyoucan

[lrprn]

How can I determine how much they would have received under a 7?

According to the Nolo site at http://www.nolo.com/article.cfm/pg/2...3/161/129/ART/ :

"If you file for Chapter 13 bankruptcy, ... In exchange for getting to keep your property, your plan will have to pay your creditors at least the value of your nonexempt property." (my emphasis)

So, Arkie...if you had filed Ch 7 instead when you filed Ch 13, what was the value of your non-exempt assets at that time?

[arkienurse]

According to the Nolo site at http://www.nolo.com/article.cfm/pg/2...3/161/129/ART/ :

"If you file for Chapter 13 bankruptcy, ... In exchange for getting to keep your property, your plan will have to pay your creditors at least the value of your nonexempt property." (my emphasis)

So, Arkie...if you had filed Ch 7 instead when you filed Ch 13, what was the value of your non-exempt assets at that time?

Ohh, forget the Zanax, I need an aspirin for my huge headache trying to figure this out.
We didn't qualify for ch 7 because we made too much is what the lawyer told us. Looking back at my paperwork, the current market value on everything listed without deducting exemptions is $87,511. My exemptions listed total up to $10,171 . We had 207 equity in our house, and 2,000 each on our vehicles. So does that mean I should pay my creditors 10,000 since that was my exemptions. Most all of that 87,511 was debt still owed, except for the clothing, furniture, etc. And the 4200 in equity on mortgage and vehicles, which was still below the value of the exemption evidently.
Oh bother. The trustee's office closed at 4pm. I am secretly scared to call them. On one hand, they could tell me that it will be over in December. On the other, it may be over now, since I have enough payments in the mail to cover the remainder of my plan base. I need for this to be over so badly, that I am scared to find out which it will be.

So instead I torture you guys with questions that you can't answer because you just don't have this specific same experience that I am having.

Just throw a drink and a tranquilizer my way . Trustee website didn't update today either