341 meeting tomorrow monthly payment 1265 ouch

[adina]

hi all i have a 341 scheduled tomorrow at 8:30 in Sacramento trustee is JPJohnson. I am nervous as all heck. We are going in with 27k secured at 100% 21k priority at 100% and 130k unsecured non priority at 7% we do not own a home and the monthly rent is 500 over the standard i am nervous because we are family of 5 over the median about 10k and our monthly payments are 1265 that seems like a lot to me. What questions will the trustee ask and has anyone worked with him? Will my payment every be adjusted

[NoTomatoCan]

Hard to say what "a lot" is as that always depends on the individual. I would LOVE a $1,265/month payment!

In order to keep your secured property you must pay back 100%. And you also must pay back your priority debt 100%. The payment on your priority and secured debt alone is $800/month. Add a 6% trustee fee and you are at $848 per month. That means you are paying about $417 over 5 years to wipe out $130k of unsecured debt. Not a bad deal...

However, your payback amount is ultimately calculated on your DMI - taking into consideration any amount (like priority debt) that must be paid back.

As for your 341 - do a search on this forum - there is a ton of good information. You will find that your 341 is (for most) one of the easiest (and over anticipated) 5-10 minutes of your life. Most people breeze through them.

[adina]

so i just checked pacer and the 21k priority has now been changed to unsecrued non priority by the state of ca they are claiming they are only entitled to 7% does that affect my plan

[NoTomatoCan]

so i just checked pacer and the 21k priority has now been changed to unsecrued non priority by the state of ca they are claiming they are only entitled to 7% does that affect my plan

Short answer: It depends. Your DMI is still your DMI. Since your current plan has only 7% going to unsecured the likely outcome will be that you now have more going to unsecured and the state of california will simply get their share of that - so your plan payment will stay the same. Remember, the 7% part doesn't matter (see nice "Sticky" on this forum regarding how payback % does not matter). That % will go up or down depending on how many unsecured file, what you need to pay as priority, etc... what (mostly) stays the same is your DMI, of which you are required to commit 100%.