% Payback (it doesn't matter)

[lovemybugs10]

What if my dmi goes down...because my rent goes up. Will they adjust??!

[tigergem]

You can petition to amend your plan, so long as you are paying enough into the plan to cover your secured and priority creditors. The effect would be to reduce the amount being paid to unsecured creditors. The Trustee probably won't do it.

Personally, I don't have an inch of breathing room to lower my payment, so such a thing would render my plan infeasible.

[Fallonedward]

Read your confirmation order and see what it says. Mine clearly states that if I obtain any new employment income I am required within 30 days to file an amended I & J with the court and "the Trustee may modify the Plan".

I have not filed yet, but I want to plan ahead

[lovemybugs10]

Is there a difference in the % when it's unsecured vs secured?

We don't have any secure debt- except our car- but it's caught up and almost paid for, so we would like to keep it out.

[justbroke]

Is there a difference in the % when it's unsecured vs secured?

% Payback doesn't matter. There is no "percentage" calculation for secured debt. The only reason that a percentage is put on the Plan, is so that unsecured creditors will have some clue as to what they might get. They could, in the end, actually receive more or less than that amount. That "percentage" doesn't affect you personally.

It's the disposable monthly income that affects the debtor.

[lovemybugs10]

How could I find out the allowable rent for my area before filing?

(thank you for all the help, everyone!)

[justbroke]

At the United State's Trustee Program - Means Testing URL (provided below as well)... you can find all of the IRS-based expense data.

Look at #4 "Local Standards. Housing and Utilities and Transportation" and select your State. It is broken down by County and number of persons in the home.

http://www.justice.gov/ust/eo/bapcpa/meanstesting.htm

[lovemybugs10]

Better than I thought! Thanks!

[godeep99]

I've just completed my plan and unsecured went from 13%($ 3,000) stated in plan to 71% ($13,000) not sure how that happened.

[lorine]

We are in a chapter 13 paying 100%. We started in May 08 so we are almost 30 months into the 60 month plan. In the last year we received guardianship of our granddaughter, in Sept my husband lost his job which cut our income in 1/2, now the cost of insurance is really high. I know that we can not continue the current level of payments. We own property but with the crash of property value would have to do short sales. Have 401k have paid the only secured debt off. I am calm right now but panic is starting to set in. We can not continue at the level we are now. what will happen?

[tigergem]

We are in a chapter 13 paying 100%. We started in May 08 so we are almost 30 months into the 60 month plan. In the last year we received guardianship of our granddaughter, in Sept my husband lost his job which cut our income in 1/2, now the cost of insurance is really high. I know that we can not continue the current level of payments. We own property but with the crash of property value would have to do short sales. Have 401k have paid the only secured debt off. I am calm right now but panic is starting to set in. We can not continue at the level we are now. what will happen?

I don't know what will happen, because my crystal ball is fogged up. But what should happen is amended schedules I and J and a motion to modify your plan. Call your attorney.

[Jaxx1369]

My CH 13 was confirmed on 3/8/2010. In my plan 11K is a Priority claim to the IRS at 100%. I also have 150K in Unsecured that is listed as a 63% payback on my data center account. 60K of the Unsecured did not file a proof of claim as of Nov 1 2010. My account shows the "principal owed" as 62K total (at the 63% percent payback). My question- I am in a 5 year plan and at my current payback payments I will have paid back the 62K of "principal owed" in about 36 months-what happens after I reach the 63% payback- do they just get a higher percentage and I continue until I hit 100%?

[justbroke]

My question- I am in a 5 year plan and at my current payback payments I will have paid back the 62K of "principal owed" in about 36 months-what happens after I reach the 63% payback- do they just get a higher percentage and I continue until I hit 100%?

Yes, it will continue until it's 100% of the allowed secured claims, or the 60 months elapses, whichever comes first.

[TrackDog]

I"m getting ready to file a chapter 13. Because of my income, I'll pay back 100% of my debt over 5 years. If I'm paying 100% already, does that mean my payment will not go up if I get a bonus or a raise?

[enginegirl]

I"m getting ready to file a chapter 13. Because of my income, I'll pay back 100% of my debt over 5 years. If I'm paying 100% already, does that mean my payment will not go up if I get a bonus or a raise?

you asked this already... the answer is NO... it shouldn't go up!
Good Luck!