Payment Amounts and Unsecured debt total

[Faust]

I am wondering about other's chap 13 pmt amount and they total unsecured debt they had.

From what I can tell so far, we can probably pay about $300.00 per month but I don't know if that will be enough if we have $40k in debt.

Just trying to get some reference points.

Thanks!

[LimpDisc]

Have you had any consults with an attorney? Meet with at least 3 attorneys before you choose.

It all comes down to income vs. expenses. If after doing the means test and schedules you only have $300 DMI that's all your creditors will get over the 3-5 year plan.

Are you sure about being in a chapter 13 plan? We thought we'd be in CH13, but ended up qualifying for chapter 7. If you haven’t done the online means test, I would suggest using the link below.

http://www.legalconsumer.com/bankruptcy/nolo/

[Faust]

I don't want to lose any of our stuff, that's why I'm thinking 13.

Thank you though! I plan to ask many many many more questions!

[justbroke]

A Chapter 13 plan payment can be as simple as calculating your disposable monthly income (DMI), to some other complex things such as the "Chapter 7 liquidation test". My total unsecured debt, DMI and/or payment will tell you nothing about your payment or DMI. The payment is a very subjective thing.

It's also not simple to say you can keep all your stuff. There are conditions where you may not be able to keep all your stuff (the liquidation test), because you can't afford to keep it.

[Faust]

Well we don't really have anything that's worth anything to anyone but us but I don't want anyone to come and sell it all so we have nothing.

[LimpDisc]

Well we don't really have anything that's worth anything to anyone but us but I don't want anyone to come and sell it all so we have nothing.

Were in the same boat. My most valuable item is probably a 42" LCD TV that I bought 3 years ago. Not really worth anything for the trustee to waste his time on.

Do you have something of higher value that you think you might lose?

[walkthaplank]

I don't want to lose any of our stuff, that's why I'm thinking 13.

Thank you though! I plan to ask many many many more questions!

CH7 does not mean you need to give up your stuff. You would only have to give up assets that had value above any exemptions, even then if they are only marginally above the exemptions the trustee will likely abandon them. Unless you have back taxes or significant assets that you need to protect, if you can qualify for a CH7 then take it. Better to be done than be under the trustee's eye for the next 3-5 years.

Talk to several lawyers. You'll see a wide range of lawyers, avoid the ones telling you about "the magic of CH13". The real magic of a CH13 for most lawyers is higher fees.