Does trustee ever lower monthly payment?

[truckerswife]

Our 341 meeting is Oct 18th. Our payment plan is $650 over 40months for 100% payback. We had included in the plan a $2500 line of credit that my mother in law was a co-signer on. The credit union put a freeze on our debit card (checks and in person transactions were alright for now) and online banking, until they found out if payments were going to continue as normal. So, mother in law said she was paying off line of credit. Now we wont have that to pay back. (We will payback mother in law once bankruptcy is paid in full). During the initial work up of budget our attorney said we would be paying back at $450 for 40 months. We have 2 mortgages, one that was in foreclosure. Could he have added extra cushion for possible fees and interest we owe? Maybe even try to make the payment high enough that the trustee wouldn't raise it again? My hubby is supposed to start having payments with drawn from his check starting tomorrow. I know sometimes the trustee ups payments, I was just wondering if they ever lower them.

[rrockinggramma]

no, I wouldn't count on the payment being lowered. In my case, the only thing that changed was my percentage to the unsecured went up as my secured debt changed. I went from 10 percent in original plan to 35. 47 percent per the trustee. And that has now been paid and I am only 24 months into my 36. So I am thinking that my unsecured claims will just be getting even more than the 35. 47 I have already paid them.

[JollyGG]

You probably won't get your payment lowered. You would just get out of your plan earlier if you are a 100% payback plan.

[HHM]

The payment does not get lowered because some creditors do not file claims. The only time a payment is lowered is if YOU petition the court to amend your plan to lower the payment because your income has substantially decreased (and thereby, you have less disposable income.

[Granny]

I am considering asking for a plan amendment because hubby now qualifies for health insurance. But it is costly. What's my chances of getting my payment lowered to help cover the cost of insurance?

[CindyLou]

Not true in all cases re: payment going down..... My brother's attorney had his confirmation postponed until after his deadline for claims. Because only 30000 out of 85000 filed claims his attorney ammended his plan prior to being confirmed and hid payment went down quit a bit. Maybe delaying your confirmation and seeing what your claims are would be and option for you too?? I know every case is different though.....