Are my payments too high?

[abbeyv73]

I have found GREAT information posted here....hopefully, you can help.

First my Chap 13 was filed on Jan 26th.
341 meeting is 3/4

My question is....

My total debt came to 25,572 (this includes my atty fees)
This will be wage deducted at 291.00 bi-weekly
I was doing the math and 291 x 26mos x 5yrs = 37,830

I expect there to be some fees for the trustee, but does this sound right?

Thanks!
Abbey

[forgotten]

I have found GREAT information posted here....hopefully, you can help.

First my Chap 13 was filed on Jan 26th.
341 meeting is 3/4

My question is....

My total debt came to 25,572 (this includes my atty fees)
This will be wage deducted at 291.00 bi-weekly
I was doing the math and 291 x 26mos x 5yrs = 37,830

I expect there to be some fees for the trustee, but does this sound right?

Thanks!
Abbey

You will not pay more than 100%. I believe the maximum trustee fee is 10% (most are less). The good news is that you will be done in under 5 years, you should actually be between 3.5 and 4 years.

Continue to make your payments until instructed however, if you overpay you will be refunded anything you paid over 100% + trustee fees.

[Scott50]

the number of payments and the plan amount ($$) should be listed in your confirmed plan...

[newbie2]

The numbers could be what they are because of non-exempt assets that you are paying for in your plan.

Simply knowing the amount of debt isn't the whole picture in a Chapter 13 plan.

[forgotten]

The numbers could be what they are because of non-exempt assets that you are paying for in your plan.

Simply knowing the amount of debt isn't the whole picture in a Chapter 13 plan.

You still don't pay more than 100% of what you owe.

[klandsb]

Yes, as prev poster mentioned. My mortgage, helco & car pmt will be paid by the trustee so they are included in my pmt. When I first saw the pmt amount I almost fell over until I realized that these were included in my pmt. Also, look at all your numbers on all the forms the attorney sent you... If anything needs changed it is best to bring it up at the 341 so you can have it correct....

[lrprn]

Don't forget that your monthly payment also includes your trustee's case administration fee. That varies between 2 and 10% each month depending on your state.

Your lawyer can clarify exactly what your payment includes and how it was determined. Set up a meeting (face to face or by email) before your 341 to go over it together.