Salary Increase on 100% 5-year Chapter 13 repayment

[kornellred]

Thanks, Pandora. Now I understand that my "plan base" was determined strictly by my DMI calculation, multiplied by the number of payments to be made. The unsecured creditors get 100 percent of the plan base.

There ARE Chapter 13 filers who are paying off 100 percent of their unsecured debt. A "base" plan is only one of several plan options. I think this is where the confusion over plan percentages resides.

[Pandora]

Thanks, Pandora. Now I understand that my "plan base" was determined strictly by my DMI calculation, multiplied by the number of payments to be made. The unsecured creditors get 100 percent of the plan base.

There ARE Chapter 13 filers who are paying off 100 percent of their unsecured debt. A "base" plan is only one of several plan options. I think this is where the confusion over plan percentages resides.

yep - you're right, there are certainly those whose plans will payback 100% of their debt. It does get confusing - even my case is confusing as I'm at 100% of my plan base, all secured is paid at 100%, 2 unsecureds are at 100% (dr bills) and our 2nd (stripped) is getting less than 100% I guess because we arent paying back everything. I still question how it all is going to work because I was under the assumption that secured priorities are paid 100% (like taxes) then the unsecureds get a %. However such is not the case all the time I guess because we're paying 2 different percentages it seems based on 13DataCenter. Still confused on it...

*sighs* glad I dont have to deal with BK cases like lawyers do! I'd be insane by now LOL

[kornellred]

Thanks, Pandora. I now realize that a "base" plan is only one type of Chapter 13 plan. My 100% figure is only relative to the base amount and does not refer to the total amount of claims in my plan. My monthly payment multiplied by the number of months equals the dollar amount of my "plan base".

There are debtors who actually pay the entire amount owed to their unsecured creditors. More's the pity!

[cajungirl588]

Thanks to everyone who answered! I hope you are right about the trustee not taking everything