3 year plan???

[Pinkrose]

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.

[optimistic1]

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.

[DSIG]

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.

[Ckacrum]

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.

[Pinkrose]

@ 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.