Ch. 13 repayment amounts

[oopsnow]

I'm not trying to be nosy but would like to get an idea of what the range of repayment amounts go. I'm thinking/planning on filing and was told by 2 attorneys it would have to be a 13, and from reading this forum I understand why. One of them said I would have to pay over $ 3,000.00 a month. Are their readers here who pay that amount? More? Right now I make good money but that will be cut in half at the end of my current contract. I will file in Georgia. Any one brave enough to give me some info on these amounts?

Thanks; I really like this forum. I find people are quite honest about a most embarrising situation. Alot of good info and encouragement going on!!

[becky20]

Yikes! I think I've seen a few people post that they're payments are in that range (I think around 2K is the amount I was thinking I saw). Mine is different, but then again, every situation is different. We qualified for a 7 based on the means test but did a 13 because we were behind on our mortgage and wanted to keep the house. We also crammed down our two car loans (we have had them over 910 days). So we're paying back 0% to unsecured, our payment is for our two (lower due to the cram) car payments, trustee fees, arrearages for our HOA and home loan, and that's about it. We're paying $552 a month.

I think if your income goes down significantly you can either convert to a 7 (if you qualify) or get your payment reduced.

[oopsnow]

Thanks Becky20 for the info. I'm planning on filing just myself as my husband is soooo good not making/ paying his bills. He even saves. I do not want his included/feel he needs to contribute to my payback so I'm hoping it is going to be within my means. I may try the 7 if I do not get a job, or if the pay is much less than I anticipate. We have a home but it is up to date and my husband will then take over that payment.

Which leads to another question. Right now I work about 60 hours a week. When I go back "home" I don't think I can work that much. Will the trustee look at my no overtime hours and say, "Well, you worked that before BK, why don't you work it now?" Does that ever happen?

[casdem1]

My husband and I make about 95K per year, but that includes a bonus of approx 16k that I may or may not get (it is based on company profit). We have a mtg of $2200, which is behind by about $10000, unpaid property tax of $2000, and we owe the IRS about $8000. We have one car payment of $365. We have been ordered to pay $3,260.00 per month with the unsecured getting about 30%. (Our lawyer's paralegal made a mistake and our original amount was $3,760.00 - he just refiled today for the lesser amount) However, it will be a struggle. We support two grandchildren ages 7and 5 and a daughter who has mental problems. We go back and forth about just giving up the house, but are worried about being homeless with bad credit!
Right now I am just hoping for the best. We have filed and made one payment to the trustee. Our hearing is August 14, so we will see what happens. I have read about the payment going up at the hearing, but I am praying not!!!

[Tromploi]

Okay so is it not safe to assume that if we pay back 100% on our approx 130,000 in cc debt, that our payments at 100% for 5 yrs would be about $2166/mo?? I am guessing payments at 3K must mean more debt??

[mynameainttracy]

We had $70+ k in cc debt. We are paying back $880 for 15 months and then $835 for 40. This includes a car payment, 2007 taxes and attorney fees only. 0% to unsecured creditors.

[arkienurse]

Okay so is it not safe to assume that if we pay back 100% on our approx 130,000 in cc debt, that our payments at 100% for 5 yrs would be about $2166/mo?? I am guessing payments at 3K must mean more debt??

No, payments at 3K means more disposable income. Your payment in a 13 is not based on your debt. It is based on how much is left over from your pay after subtracting what is allowed for expenses. I paid 588 biweekly because that is what they showed to be left over after taking everything into account- mortgage, taxes, insurance, utilities, groceries, etc.

[becky20]

No, payments at 3K means more disposable income. Your payment in a 13 is not based on your debt. It is based on how much is left over from your pay after subtracting what is allowed for expenses. I paid 588 biweekly because that is what they showed to be left over after taking everything into account- mortgage, taxes, insurance, utilities, groceries, etc.

But if they are at 100% payback, they wouldn't have to pay back more than their total debt, right? Maybe the payments may be higher but is paid off sooner? Don't forget, the trustee fees (I think up to 10%) would have to be included as well.

[Tromploi]

No, payments at 3K means more disposable income. Your payment in a 13 is not based on your debt. It is based on how much is left over from your pay after subtracting what is allowed for expenses. I paid 588 biweekly because that is what they showed to be left over after taking everything into account- mortgage, taxes, insurance, utilities, groceries, etc.

Ah yes, of course. Duh. Well in that case, they'll be hard pressed to find even my estimated $2166/mo. We did our credit counseling session on the phone, went through all the ?'s, got to the end and he said "Okay we are negative $261, and we haven't even GOTTEN to the CC's yet. Good luck to you, clearly BK is the way to go". Sheesh. That from a guy who counsels people about money for a living!

[ccgirl]

I am paying about $450 a month. I am paying my student loans, mortgages, and autos outside of the plan. My husband did not file with me because all of the debt was in my name. They still used his income to figure out the amount I would have to pay each month.

[arkienurse]

But if they are at 100% payback, they wouldn't have to pay back more than their total debt, right? Maybe the payments may be higher but is paid off sooner? Don't forget, the trustee fees (I think up to 10%) would have to be included as well.

yes, if you are a higher income filer with 100% payback, your bk should be shorter than 5 years. Ours was for 36 months and was originally 100%, when the dust settled we paid around 85%. And were lucky enough that our trustee took 4%.

[lrprn]

A filer's Ch 13 payments are set by the figures that emerge after cross-comparing all income from the past six months to secured asset payments and living expenses (some set by the law, some using actual expenses) on the Means Test and Schedules.

As Arkie already said, knowing the Ch 13 payment amounts that others are required to pay tells you nothing about what you might have to pay. You need a very experienced bk lawyer who files a lot of 13s to run the Means Test and Schedules using YOUR financial figures. The amount of disposable income that emerges is what sets your monthly payment. If your forms show less than $100/month disposable income, then you it's very possible you can file Ch 7.

[13bound]

A filer's Ch 13 payments are set by the figures that emerge after cross-comparing all income from the past six months to secured asset payments and living expenses (some set by the law, some using actual expenses) on the Means Test and Schedules.

equity in your home can play a big part also, plus any non-exempt assets you might have.

[lrprn]

equity in your home can play a big part also, plus any non-exempt assets you might have.

True - how the equity in an asset compares to the state's allowed exemptions can have an impact on how much you end up paying the trustee if that proves necessary to keep an asset you can't fully protect.

However, paying your trustee an agreed amount monthly to pay off the 'equity minus exemption' difference to keep a secured asset is not calculated in the confirmed Ch 13 payment. The two payments to the trustee may be on the same check, but on the accounting side they are handled differently in most trustee offices. This is because the Ch 13 trustee keeps all of the 'equity minus exemption' amount but by law can be paid only 2.5-10% of the confirmed Ch 13 payment as each trustee's administrative fee. (The % allowed is set by each bk district in each state.)

[dovette7]

Our monthly payment is $3170
We are from GA also. Husband made $182K a year
We surrendered our home, motorcycle, jetski.
Had $105,500 in unsecured claims(not counting the 2nd mortgage that will be unsecured of $41,000 after 1st mortgage sold house)
Had $24000 in secured claim defeciancy after sell

Plan is supposed to pay Unsecured 80%
Unsecured is $ $112000
Secured is $46500 (vehicles with interest paid in plan)
Priority is $14000
Plus attorney fee
Plus Trustee fee

I haven't heard anyone paying this much unless their home was included.
We got ourselves in a BIG mess and was almost a test case for our district because we were high income filers with high unsecured debt....bad attorney advise to NOT wait to file until my previous job had come off our last 6 months of income....looking back we may should have kept the house which would've lowered our payback percentage, but shoulda coulda woulda.... never would have gotten in our mess in the first place!