I figure I have about $195,000 in debt not including mortgages (that I will be giving up) plus the IRS of @ $3000. The payment plan that my attorney has put together is for $159 per month for 60 months which is all of my disposable income. According to my math everyone will only get $.0008 a month. Thats not even a penny. Will the trustee object to this? How does this work?
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OK...I'm an idiot..I did that math wrong didn't I? -
I don't know. How many creditors are included in your plan?Comment
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Secured debt gets paid first anyways. If there is nothing really left over, atleast more than what your attorney fees and trustee fees are, your creditors may just not get anything!Comment
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But keep in mind that the unsecured creditors must get at least as much as they would get if you filed Chapter 7. In otherwords, if your non-exempt assets were sold off in a 7 and the unsecured creditors got $6,000, then your Ch 13 payment would need to be at least big enough so that they get $6,000 over the term of the plan...this requirement is independent of your DI (disposable income). I had a DI of $75 but ended up with a payment of $435/60 months to meet this rule (plus pay secured creditors, attorney, and trustee).Originally posted by sassiebaz View PostComment
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From what I've read
PRIORITY debt is paid in full. Secured is paid according to the plan amount that is established and ends when the plan is completed. My understanding is that an ongoing debt, ie. mortgage, cannot be adjusted so has to be paid at your current payment schedule. Interest cannot be changed either on the mortgage. My secured debt is at an interest rate that was less than orginally financed and also with payments that are less. Some debt, student loans, may be deferred but will continue to accrue interest.
We ended up with a $1850 per month payment: 0% to unsecured and 100% to secured.Filed 11/10/08
Discharged 2/18/14Comment
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