Just received word from our attorney that after running the numbers, it looks like we are definitely in a 13 and that our payment plan will be about $375 per month which seems to work out to a 55% repayment after factoring in attorney and trustee fees. Our cars are being paid outside the plan so now we just need to decide if we should cram down the older vehicle. We have three years left at $433 per month but if we do the cramdown it will take it out to 5 years at about $250 per month. But my understanding is that any "savings" we would see would go to unsecure creditors so that may not be the best strategy regarding the vehicle. Will talk to the attorney further about that.
Now for the advice. Since many chapter 13 plans fail, and my husband and I are not used to living on a budget, what advice can those of you deep into your plans or those that have successfuly completed your plan can you share with those of us who are just setting our feet on this journey? I would love to hear any tips or strategies you have employed. Thanks in advance!
Now for the advice. Since many chapter 13 plans fail, and my husband and I are not used to living on a budget, what advice can those of you deep into your plans or those that have successfuly completed your plan can you share with those of us who are just setting our feet on this journey? I would love to hear any tips or strategies you have employed. Thanks in advance!
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