We filed today!

[crazyinaz]

We filed today and our attorney is pretty sure that the plan will be approved. We have a progressive plan over the next 5 years. Have any of you heard about this kind of plan. We owe ~$250K of both secured and unsecured (plan is to strip 2nd mortgages of 2 homes and 2 cars are included in this plan to reduce the rate to 4.25% only).

In this plan we will pay $1785 for 12 months; then $1935 for the 13-24 months and 210 for the remaining years.

[UpsideDownMI]

Congrats on filing! I am suprised to see the staggered payments in your plan. Usually when you see this the payments go up, but in your case it goes down almost 1700 in years 3-5. Anyway, I hope all goes well for you and welcome to the forum.

[justbroke]

In this plan we will pay $1785 for 12 months; then $1935 for the 13-24 months and 210 for the remaining years.

I've never heard of a step down plan before. Either you made a typo and meant to write $2,100 for the remaining years, or that's the strangest plan ever. I'd be shocked if it were confirmed.

[crazyinaz]

Sorry for the typo. It should have been $2105 for three years.

[justbroke]

Well then... congratulations on filing!

[indebt00]

can I ask....why the staggered payments?? is that because your income goes up or your deducts are changing??? how did this happen?

[justbroke]

can I ask....why the staggered payments?? is that because your income goes up or your deducts are changing??? how did this happen?

I have a staggered plan too. Usually a stepped plan is done to either get you used to the Plan or for you to pay some necessary bills at the beginning of the plan! (like your new utility deposits are you BK the old bills! or to make sure you have insurance on all property that you are retaining!)

[frogger]

Congratulations! Best of luck to you.