100% Payback....

[forgotten]

How does everyone even know what their % payback is? Do you just figure it up based on your payments and how much you owe?
If so, why?

[lrprn]

How does everyone even know what their % payback is? Do you just figure it up based on your payments and how much you owe?

When your Ch 13 plan is filed with the court, the anticipated payback % can be calculated from figures entered on the forms. (I think our % was displayed on the forms too, but it's been three years so I'm not positive about that.) Also when you look at the two Ch 13 online trustee sites (13Network and 13DataCenter), your actual payback % after confirmation and all the creditors have filed claims is displayed there.

The payback % in Ch 13 indicates how much of the original debt unsecured creditors will be repaid by the end of the Ch 13 plan if it is finished successfully. Frankly, it is really meaningless to the filer.

If so, why?

Human beings love to cross-compare numbers as a way to understand their situations ("Is my case worse or better than yours?"). However tempting it is to compare payback %s In Ch 13s, this comparison has no meaning from case to case. Filers should try their best to not worry about what their payback % is and instead concentrate on making on-time Ch 13 payments without fail. That's how Ch 13 filers are successful.

[forgotten]

When your Ch 13 plan is filed with the court, the anticipated payback % can be calculated from figures entered on the forms. (I think our % was displayed on the forms too, but it's been three years so I'm not positive about that.) Also when you look at the two Ch 13 online trustee sites (13Network and 13DataCenter), your actual payback % after confirmation and all the creditors have filed claims is displayed there.

ah ha! We have a local form for the plan, and it does not have a percentage payback listed. I looked up a plan on the internet and saw where it had a place for the percentage, my plan has no such information.

I am proposing about a 19% payback @ $1000/mo... now I know (for what good it does).

Thanks for the info!