What is your average payment?

[flower04]

We are about to file and working on the most intricate budget I've ever had. What can we expect as far as payment to the trustee? Will they take everything you have left? What is a good ball park estimate? I realize everyone's case is differnet, but I don't see how what we have left is going to satisfy our creditors.

Thanks in advance-

[HHM]

Whether your chapter 13 payment satisfies creditor is completely irrelevant. There are 2 factors that determine your payment...

1. The amount of your disposable income, this amount is the difference between your actual income and your actual expenses (so, yes, the chapter 13 trustee takes everything you have left over).

2. Liquidation value of your estate. Under this condition, creditors must "at least" get as much as they would over the life of your chapter 13 plan as they would if you filed chapter 7 and the trustee liquidated non-exempt assets.

[brokeNconfused]

so if i make all remaining payments, buy groceries and pay bills. everything leftover that i would put in savings get taken by trustee? i have a family of 5 and know i live under the means. Seems like they over state grocery budget. My attorney thought i may get in for 3 years at 300 a month. this would give me a bit extra for savings though. about 250 left over.

[aa06a47]

so if i make all remaining payments, buy groceries and pay bills. everything leftover that i would put in savings get taken by trustee? i have a family of 5 and know i live under the means. Seems like they over state grocery budget. My attorney thought i may get in for 3 years at 300 a month. this would give me a bit extra for savings though. about 250 left over.

What you do with your left over money is up to you. When you plan is confirmed, that is the agreed upon amount the trustee / lawyer feel you have as disposible income. Some peoples plans are tighter than others and indicate they have negative left. Feel fortunate if you have $250/month left over. It will help in those emergency expenditure situations.

[woeisme]

After my lawyer worked up our plan, our payments were $1100 a month and we have about $300 a month "left-over" that we have been saving in fear of a major car emergency (we have 2 old cars, one a 1997 with 150,000 miles on it and the other is a 1999 with 130,000 miles on it!) Actually, we could probably tighten up our budget and have a good $500 left over or maybe more since we still eat out a couple times a week and could reduce a few other expenses here and there. But I think the trustee was pretty leinent on ours because we don't have car payments and he could see that we were going to be spending big-time on either repairs or having to add a car payment in the next year or two. But I was surprised with how liveable our plan has been, so if you manage to spend less than your budget allows for, pat yourself on the back and be happy! I know I am!

[brokeNconfused]

i keep seeing everyone with huge payments, more than my card payment totals were. Im hoping they will put me at a reasonable payment. i can afford not much more than $300 a month, but have not seen anyone here withpayments that low. Getting nervous now.

[HHM]

i keep seeing everyone with huge payments, more than my card payment totals were. Im hoping they will put me at a reasonable payment. i can afford not much more than $300 a month, but have not seen anyone here withpayments that low. Getting nervous now.

Don't fret, as I explained above, payments are mostly based on your actual budget. If your expenses are reasonable, and all you can afford is about $300 per month, that is probably all your are going to pay.

[MajorMike]

Keep in mind that many people have their mortgage arrears included in their payment as well. Some have very high salaries and no children so they have a lot of expendable income ( left over after expenses ) to pay into the plan. If after your attorney does your budget and puts all your expenses in and then figures in your salary, you may only have $300 left to pay your creditors. Are you sure you can't do a chapter 7???

i keep seeing everyone with huge payments, more than my card payment totals were. Im hoping they will put me at a reasonable payment. i can afford not much more than $300 a month, but have not seen anyone here withpayments that low. Getting nervous now.

[brokeNconfused]

yes. i can do a chapter 7. My attorney told me with family of 6 the median is 6k monthly. I am under that but just barely, lots of overtime in november and december). I dont want to lose my home that i bought almost 2 years ago and need to refinance within 2 years to get out from the variable rate loan i am in. My job will frown on any bankruptsy so im trying to do this as quietly as possible. Im hoping i wont get any objections doing a 13 since i would qualify for a 7.

anyone ever hear of getting discharged with luxury items over the limit just before filing?

[MajorMike]

Don't do a 13 if you don't have to!!!

[MajorMike]

Why are you doing a 13 when you don't have to??? As long as your mortgage isn't behind, you can keep your house. What luxury items are we talking about?
If you have any, you shouldn't file for 90 days and make at least one or two payments on that specific card. This is the bind I'm in. Amex is after me for these charges made within 90 days. Why can't you wait a few months and file a 7?

[flower04]

MajorMike-
How is your plan only 4.9 years instead of 5? Does that mean you are done 3 months early?

[MajorMike]

dont have a clue flower. it says 4.9 years for some reason on my paperwork that the trustee filled out.

[brokeguy]

trustee payment...

$ 450
With the help of my great attorney,I'm in a 5% payback - a few house payments were added-
what helped was a son in college and a daughter that followed a year after.
He included EVERYTHING and gave us lots of wiggle room.
It has been ok -wiil be done this year...

[buchanj]

857 60 mos oh yippee!