Filing Finally

[frustrated51]

Filing is happening tomorrow. Payment is huge ($2900+), but it includes mortgage, taxes, insurance, car payment and all the debt. Is it normal to include all of that? I am not unhappy because it makes bill paying very, very easy. Filing should stop the IRS garnishment that is supposed to happen Thursday.

We are going to need a new car at some point. One is over 300K miles the other is over 100K miles. We put at least 30K a year on each car. How soon can you ask for that?

Also, my income is quite variable and I am curious if you start making more money (our atty said report more than 10% difference I am assuming over a year not per month) do they always increase the payment? How much do they normally take?

Thanks,

[SMinGA]

I know some have their mortgage in the plan - but that does not seem to be the norm everywhere. My biggest concern with that is how the trustee takes a % of your total payment. It actually means your trustee gets more, but if done the other way the extra $ would go to unsecured so it doesn't change what you pay.

Example:

$3000 plan payment @ 10% trustee fee = $300 trustee, $1500 mortgage, $1200 for priority & unsecured

or

$1500 mortgage payment, $1500 plan payment @ 10% trustee fee = $150 trustee
$1350 for priority & unsecured

[tightgrip]

What insurance is included in your plan? Life? Auto? Medical?

[SMinGA]

I'm guessing he means his home insurance & taxes are escrowed so paid with his mortgage payment.

[frustrated51]

insurance

Yes, it is the homeowners insurance that is included. Thanks!

[bkstuff]

The attorney we spoke to said that if we are paying back mortgage payments, the trustee requires us to pay the house payment into the plan too. This will also make our payment huge....and more $ to trustee.