Wanted to let y'all in on something else...

[NowImDownInIt]

Let me know what you think..

Since about 6 of my unsecureds did not file claims, I've ended up in a 100% pay back plan. I could push to have my plan amended when the new baby comes but I am totally and completely satisfied with this... I want to be in this 100% payback plan.
A few reasons for this are....

I am going to get several raises between now and then. I know that seems optimistic, but in my core I am an optimistic person. I want to finish this early. I could potentially finish before 36 months at 100% payback if I just pay it off early, right?? My husband just got in contact with a friend of his that has a very steady business (even now) installing and doing mass repairs on bowling alleys. They are going to go into a partnership and already have 2 jobs lined up, and several that are in the process of bidding/quoting. The first job is 4 weeks making $6k the second is 5 weeks making $8k... that could do a lot for paying this all down early. I may be completely wrong in my thinking, but I think that I could quite possibly pay this off within the next 2 years. Of course, all things change and this could be a fleeting opportunity (let's hope not). I want to remind y'all that I only owe at this point $21,907.36, even at 100% payback to unsecured.


I think that most of that is a statement that I am posing as a question. I just want to know if it's even possible.

Another note that has no bearing at all, but I thought was interesting.... my new job is less than 4 miles from doorway to doorway to my trustee's office.

[Flamingo]

Your Chapter 13 is based on your situation now and not what may or may not occur down the road. While that is excellent things appear to be looking up financial wise as to your hubby's business ventures and your possible raises, that doesn't mean the ventures will be successful or the raises take place. Take one thing at a time, lay low and make those payments on time and if your situation changes as to a possible payoff, contact your attorney.

[NowImDownInIt]

I'm just curios though, if I try to make additional payments, shouldn't that go towards my plan base? At 100% payback, where else could it go?

[justbroke]

I'm just curios though, if I try to make additional payments, shouldn't that go towards my plan base? At 100% payback, where else could it go?

First, congratulations again.

Second, why would you make extra paymnets? It doesn't' do anything, really. I would save any "extra" money and put it away for an emergency. You just never know.

Now, if you came up with a lump-sum which would pay off your Chapter 13, that's different. However, I'll just repeat myself that sending in an "extra" $100 or even $10 a month may not be in your best interest. Sure, your plan would get paid off quicker, but you could end up in a bad spot if some financial problem arose.

[NowImDownInIt]

I agree. I have been saving since the beginning where I could and that's how I made it through this last month. I guess I will just save all the extra and if I ever get the lump sum I will buy out early. It's not like they can ask me where the extra income came from at a 100% payback.

[broncho14]

My question is this: If your Chapter 13 is based on where you are at now, how big of a raise do you have to get before the Trustee will want more? I am in Education of I have received a raise 19 out of the 20 years that I have been in this. However, the raises are not usually very big. Nevertheless, there are other factors such as extra duty assignments. I am now an administrator but I am coaching this year and that pays $3,000. My attorney says that I would have to get a raise of 10% in any one year before the Trustee would even think about raising my payment. I gross $55,000 a year. My attorney says that I should be fine. He says the Trustee in my district rarely asks for more. However, the Trustee in the neighboring district is very picky about it. I am glad I live where I live. Why is there so much inconsistency from district to district, especially within the same state? Do the trustees have that much freedom? If we change trustees then it is a whole new game. Who appoints the Chapter 13 Trustees?