Chapter 13 monthly payments

[Chicken123]

Hi! Hubby and I are turning in our paperwork on Monday to file our Chapter 13, I was just wondering if anyone out there could give me their stories of how their Chapter 13 payments & such worked out. I guess I'm just scared and curious....Thanks!

[gunsmoke]

Depends on the trustee. Some are fair and very generous, some are money grubbing a--holes.

[justbroke]

Hi! Hubby and I are turning in our paperwork on Monday to file our Chapter 13, I was just wondering if anyone out there could give me their stories of how their Chapter 13 payments & such worked out. I guess I'm just scared and curious....Thanks!

It all comes down to the calculations of your disposable monthly income (on Form B22C), what you have on Schedules I and J, and somewhat on local practice/rules.

Calculating what your payment will be, is very mechanical. Having a good attorney who understands local rules, practice and precedence, will insure a plan that is workable!

Most Trustees are not mean at all. They are solely following the guidelines (rules) and law surrounding how your disposable monthly income (DMI) is calculated. Chapter 13s are special in that they allow Debtors to (potentially) keep all their toys... err, property, while paying back debt to the unsecured creditors. It was not meant to be a way to escape paying back something and was the purpose behind the changes affectionately known as the BAPCPA of 2005.

Hopefully, you have a great attorney and a reasonable Trustee. You need both.

[BNKRPTinNC]

I am in agreement with justbroke, at least in our case. Our trustee has a reputation of being fair and our attorney was most excellant. Our plan has us paying bi-weekly which is automatically taken from my pay. The payment has worked out that we have plenty of breathing room at the end of the month. Granted, we have made major concessions in our spending habits and I have become anal about each dollar spent. Gone are the days of satellite tv and magazine subscriptions and eating out, etc. Since we filed we are now saving regularly each month, something we haven't been able to do in quite awhile. Before the bk we were sliding down hill fast and now there is definitely light at the end of the tunnel. It has been a humbling experience for us and one in which I intend not to repeat.

Wishing you the best of luck with yours.