Chapter 13 question

[rcsfo40]

This forum has been an incredible source of information. I have a Chapter 13 question and couldn't find an answer in existing threads.

If I make over the median, my understanding is that I would be put in a 60 month program. However, based on what I think my disposable income would be, I could likely do a 100% payback in 36 months, or even less. For example, my debt is around $55K. I bring home $4400/month and I am guessing that my disposable income will be put around $1500 or so (maybe more). That would mean I would pay off in 3 years instead of 5.

My question: would the courts just put me on a 36 month plan or would they allow me to have more money to keep for monthly expenses while spreading smaller payments over 60 months? And - could there be a case in which they force me to pay in fewer than 36 months (i.e., could they determine that my disposable income is $2K/month, in which case I would pay it off sooner?

[optimistic1]

Dont guess about your disposable income, you need to analyze it, calculate it, and make sure the expenses will be considered reasonable. Yes in a 100% plan, I have read people completing their plan in less than 36 months.

[brokenymom]

go back thru every expense from kids lunches, pictures, supplies, ect.. when you write it all down there are things everyone misses. overestimate dont underestimate

[rcsfo40]

Thank you for the replies. I am meeting with an attorney later in the month to get started and see what a payment plan would look like.

One other question - if I propose a 100% payback, does that mean paying each creditor the principal plus all interest and penalties that have accrued since I stopped paying? As one example, I have a credit card that was around $500 balance when I stopped paying. They now say I owe $950. Would I have to pay the $950 in the plan, or do some of the penalties get knocked off?