In researching 13's found this. Is this B.S.

[klandsb]

I have found myself doing searches on Chapter 13's thru google. I can across this and wondered if its B.S. or not ?? I know alot has to do with your disposable income but just wondering.

Q. What percent do the unsecured creditors usually receive?

A. In most cases unsecured creditors receive 10 percent of their claim. In other words if a credit card had a $1000.00 balance before you filed they would receive $100.00 over the course of the plan. This $100.00 would then be spread over the 36 or 60 months of the plan so that you are only paying a few dollars every month to satisfy this creditor

[lrprn]

I have found myself doing searches on Chapter 13's thru google. I can across this and wondered if its B.S. or not ?? I know alot has to do with your disposable income but just wondering.

Q. What percent do the unsecured creditors usually receive?

A. In most cases unsecured creditors receive 10 percent of their claim. In other words if a credit card had a $1000.00 balance before you filed they would receive $100.00 over the course of the plan. This $100.00 would then be spread over the 36 or 60 months of the plan so that you are only paying a few dollars every month to satisfy this creditor

Don't know where you found this (in the future, please post the link along with the text), but the average % payback that creditors who file claims receive is meaningless.

A Ch 13 plan's final payback % is calculated by how much disposable income is paid into the plan over 36 or 60 months vs. the total amount of debt you owed the creditors who filed claims to be paid back through your plan. If I pay my creditors back 60%, it has no connection whatsoever to what payback % another Ch 13 filer will pay his/her creditors. Even if we make the same income and have the same amount of debt owed, our calculated disposable income on the Means Test and Schedules can be very different, making our % payback very different.

[HHM]

As a factual matter, it may be true, but it is not a legal requirement.

[justbroke]

It could actually be more based on so many factors. But as lrprn states, it doesn't mean anything to you personally unless you're in a District that "requires" at least a 10% payback. It's just too subjective to determine what the percent payback will be as an average. While I won't mention any research or quote any site... I have seen that the average is actually higher.

After looking at some of the Q&A on the site, I found some of the information misleading. The question on whether you could have a plan more than 60 months, was answered as if, so long as the Trustee or Creditor(s) doesn't object, it's okay to have a plan over 60 months! That requirement is jurisdictional, so it's not like that's a correct answer. Their answer to that was also followed by "If the creditors are willing to work with you some creative options may emerge.".

I'm just not liking the answers on that site in general.

(I found it at http://www.kentlutz.com/Foreclosure3.html.)

(Okay, this was disturbing me, so I looked at some more so-called help sites.

From (https://www.filing-bankruptcy-form.c...er-13-faq.html)

11. Under the plan, how much am I expected to pay on unsecured debts?

Normally it's 50 percent of the creditors claim spread over the 36 (or up to 60 months) plan. For instance; if you owed $5,000 on a credit card then you would typically pay back $2,500 or about $69 per month.

You have got to be kidding me. No wonder everyone is confused! (And that's a FAQ on a law firm's site too.)

[klandsb]

Thanks you guys. In my spare time , which is not alot, I am trying to educate myself on the possibilities of what's to come. But, as you can see ,alot of the info out there is just B.S... I have used the links on the bottom of HHM and justbrokes responses and also have used the Stickys which are helpful but find myself wandering around the internet looking for more and more answers...

[lillybell]

I sometime think its the lawyers who want a bigger plan to get ther money as a priority up front..maybe I'm wrong. It seems as though my attorney didn't want me to get credit for any of the deductions ALLOWED.

[klandsb]

Hmmm. I thought the lawyers were suppose to be on our side of this ... U would think they would work to get your pmts to the creditors to the lowest amounts...I am making a list of items that I have found on others threads of what they wrote as expenses so if my attorney doesnt ask about them I will bring them up. An interesting one is pet care .. I have 2 sm dogs and 2 cats. It is an expense every mth . Sometimes more and sometimes less but just the same an expense. They are like part of my family