Plan confirmed - 36 months!

[cwillie]

We were confirmed yesterday and just received notice from our attorney that the trustee approved our plan for 36 months! Two payments down and 34 to go!!

[justbroke]

Excellent!

[oldrocker]

Congratulations, we were confirmed on Tuesday so I know how you feel. Time to get on with life and move forward. Here's hoping the next 3 years go by quick and painless for ya. Good luck!

[liz417]

Congrats on your 36 repayment plan!!

May I ask what your % pay back to creditors is?

[cwillie]

Liz, our payback to unsured creditors is 6%, although I have used the calculator and don't come up with that figure - it's what our attorney said. When I do the math I come up with 15%. Our house is inside the plan as we were behind on payments, HELOC is inside the plan and cars outside the plan. Trustee even allowed $300 per month for helping our daughter in college, so I'm pretty happy. We have a little bit of room and although it will cramp the lifestyle we were accustomed to, we should do OK as long as we are careful with our budget.

[NowImDownInIt]

Maybe some of that 15 % is the trustee fee?

[cwillie]

Some of it could be the trustee's fee. The 13 network shows his percentage as 4.75%. It really doesn't matter though because we will be done in 34 months now!

[NowImDownInIt]

LOL.. Me too!

[liz417]

Liz, our payback to unsured creditors is 6%, although I have used the calculator and don't come up with that figure - it's what our attorney said. When I do the math I come up with 15%. Our house is inside the plan as we were behind on payments, HELOC is inside the plan and cars outside the plan. Trustee even allowed $300 per month for helping our daughter in college, so I'm pretty happy. We have a little bit of room and although it will cramp the lifestyle we were accustomed to, we should do OK as long as we are careful with our budget.

Cwille,
Congrats again and it sounds like you have a pretty nice Trustee too! 34 months will pass before you know it!