How large a payment in 13 on average?

[artgood]

I know that this is a question that has a lot of variables and numbers to crunch, but I'm just looking for ballpark here. I was freaked to see in another thread that someone had a $2800 a month payment.

My wife and I have no secured debt (house already foreclosed on in early 2010), and will just scrape over/under the median in Indiana ($59,700). I am hoping if we have to do a 13 that our payment will be under $1000. All of our debts are unsecured credit cards/loans.

[Dee]

It all depends on your DMI. Have you run your schedules yet to see how much is left over that could be used in a payback plan?

[momofthree]

There really is no average. It is entirely dependent on your income & expenses. Like Dee said, fill out your I & J, and I'd also recommend taking the means test to get a general idea of your payment: http://www.legalconsumer.com/bankruptcy/means-test/

[Guest123]

Like said it is based off your DMI and your secured credit you have to pay back. If you don't have any secured credit to payback you will only need to give up your DMI to most likely pay a portion of your unsecured if you are barely getting by.

[Pandora]

Like said it is based off your DMI and your secured credit you have to pay back. If you don't have any secured credit to payback you will only need to give up your DMI to most likely pay a portion of your unsecured if you are barely getting by.

Guest123 -where are you getting this information from? You stated in another thread that the plan payment and base was based on secured debt only - thats not correct. Your DMI is your DMI - in a CH. 13 if you have non-exempt assets and have secured debts, yet your income and DMI will not support the required payback, you have to make a decision. Either give your non-exempt assets to the trustee to pay down your creditors (both secured and unsecured) and then see what your DMI allows in order to fund a CH. 13 plan .... or file CH. 7 and let it all go. Thats it, those are your choices. Secured's and priorities come first - unsecured's can get a percentage of the total debt from 0% to 100%, it depends on your personal situation.

[Guest123]

Guest123 -where are you getting this information from? You stated in another thread that the plan payment and base was based on secured debt only - thats not correct. Your DMI is your DMI - in a CH. 13 if you have non-exempt assets and have secured debts, yet your income and DMI will not support the required payback, you have to make a decision. Either give your non-exempt assets to the trustee to pay down your creditors (both secured and unsecured) and then see what your DMI allows in order to fund a CH. 13 plan .... or file CH. 7 and let it all go. Thats it, those are your choices. Secured's and priorities come first - unsecured's can get a percentage of the total debt from 0% to 100%, it depends on your personal situation.

That was another thread and I didn't say ONLY secured credit. Here I said the same you just posted just alot simpler...so what is the problem?

[Pandora]

That was another thread and I didn't say ONLY secured credit. Here I said the same you just posted just alot simpler...so what is the problem?

Yeah.. funny I asked you the same thing in your other post

ANYWAYS....yes you just posted it above: "Like said it is based off your DMI and your secured credit you have to pay back." You may have added something at the end of it, but its a completed statement I believe - and given you thought the same thing in your other post.....just wanted to make sure you are aware that its not just secured.

Am I missing something? Just want to ensure you dont give out incorrect information - it happens, no biggie, been there done that myself.

Ce la vie

[minan]

I know that this is a question that has a lot of variables and numbers to crunch, but I'm just looking for ballpark here. I was freaked to see in another thread that someone had a $2800 a month payment.

My wife and I have no secured debt (house already foreclosed on in early 2010), and will just scrape over/under the median in Indiana ($59,700). I am hoping if we have to do a 13 that our payment will be under $1000. All of our debts are unsecured credit cards/loans.

My payment is over 2800/mo, however I have priority debts (taxes) that I have to pay back. I'm also single and my 6-month look-back was based on income when I was self-employed. Unfortunately I was just so happy to have the IRS off my back, that I'm doing whatever I have to make this payment. I am lucky to a good salary on my new job with a company.

[artgood]

Wow. Glad you have a good salary at least! Best of luck!

[greenthinker]

Just to illustrate the point that it totally depends on your situation, we are going to end up with a payment of over $5000. But, more than half of that is our mortgage payment, plus 3 past due payments (amortized over 60 months). On the other hand, a person who only has say $50,000 in unsecured debt, and is above the median income, would only have to pay $50,000/60 months or $833/month, plus fees, assuming they have a high enough DMI. But, if your DMI is only $400, then your payment would be $400.

Don't let the size of someone else's plan payment freak you out...every situation is different. Good luck!