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3 year plan???

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    3 year plan???

    Our lawyer just filed the last peition today. He informed us that our plan will be about 1700 a month for 3 years. WTF. I though we had a choice as to how many years we could pay. He informed us that if you pay 5 years then we would be paying more and that our creditors would extremely happy. Okay, I understand that. But I guess I looking at the big picture if our bills total up to $61,000 then why can't we spread that amount in 5 years? I don't understand. Also we have one vehicle that fails in the "910" category and was wondering does that fail into the plan? My lawyer is getting on my last nerve.
    Filed Chapter 13 Sept 8 2009
    341 Meeting October 2009
    Converted to Chapter 7 January 2010 due too loss of income. Discharged May 2010

    #2
    If you had problems affording the $1700/month, I would never had signed the petition.

    You can spread it out anywhere from 36-60 months, which effectively lowers your monthly payment, and it allows you more breathing room for allowed expenses.

    It all depends on how your Schedule I and J look, he could easily increase your expenses.

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      #3
      your payment amount is based on your disposable income. On your schedules you demonstrated that your monthly income - expenses = 1700. At that rate, you will pay back 100% of your debt owed. 5-year plans are not an option to a 3-year plan. You are on a 5-year plan when your payback cannot be satisfied on a 3-year plan. Lets say you had unsecure debt of $150k. Well, then you would pay 1700 for 60 months. You dont have to pay the full amount of debt, you just cant pay less than a 60-month term in my example.

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        #4
        Now I fall under the state median for a family of 4 in Indiana and my attorney is preparing a 5 year plan. hmmm. Going to find out why monday when we go in to do expense's.

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          #5
          @ Optmistic, I sign the petition because I knew I had to do the bk. My lawyer has been so vague about the who thing that it was a schock about the 3 year plan. I was under the impression that it was our choice.
          Filed Chapter 13 Sept 8 2009
          341 Meeting October 2009
          Converted to Chapter 7 January 2010 due too loss of income. Discharged May 2010

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