Georgia Chapter 13 experiences

[greatfuldebt]

First of all, a big thank you to the members of this board. The information has been most helpful, and very educational.

At present, my atty is preparing the proposed repayment plan for my review.In past conversations, atty is stating that courts are going to be looking to get close to 70% repayment to unsecured creditors. Given the facts that I have $200k due to unsecureds, that would equate to $140k over 60 months (2,333 per month). Based on the schedules and expenses, my disposable income is $1,000. My unsecureds would get $60k

My questions are as follows:

1. What percentage of total debt have your unsecured's collected for those filing in Georgia?

2. Has anybody allocated a monthly expense for an investment property?If so, is there a $ limitation imposed. I do not have a retirement account, and chose to invest in a lakefront property at Lake Hartwell.

Thanks in advance for sharing your experiences and knowledge.

[newbie2]

I'd be very surprised if the "close to 70%" is accurate, as it goes against the structure of a Chapter 13: Unsecured receiving your disposable income *and* the amount they receive must be equal to your non-exempt assets.

I would be willing to bet that your attorney stated that because of your investment property and your wanting to keep it. Somewhere in this mix there must be value in the property and that is why you are looking at such a high percentage payback amount.

I would sit down with your attorney and ask some hard questions about why he/she stated what they did for your case.

[greatfuldebt]

In the current market, the property might sell for $130k. With roughly $110k owed, their would be $20k in profit. To keep the property, I would need to pay at least 20k over 5 years... is that correct?

With disposable income of 1,000 per month (after $525.00 note payment on above), unsecureds would be getting a total of $60,000 or 30% percent of the total $200k amount owed to unsecureds. From my perspective, the would be getting more then if sold in chapter 7. Is that what the trustee is looking for?

[bklawn]

In the current market, the property might sell for $130k. With roughly $110k owed, their would be $20k in profit. To keep the property, I would need to pay at least 20k over 5 years... is that correct?

With disposable income of 1,000 per month (after $525.00 note payment on above), unsecureds would be getting a total of $60,000 or 30% percent of the total $200k amount owed to unsecureds. From my perspective, the would be getting more then if sold in chapter 7. Is that what the trustee is looking for?

I'm from Georgia also, don't believe that 70% pay back, I went to several attorneys before I found one that would do the numbers right. Yes your lawyer is looking at the property you have. They will try to make you pay back more than what you should. Yes you do have to pay back any asset value of anything that you will keep if it is not exempt under georgia law. The min you would need to pay back is the equity value in the property if you are keeping it. So 20,000/60 plus fees. No %.. They try to get that but, a good lawyer can fight that.

[TooMuchCredit]

No investment property here. I am paying back 32%.