Feasible/not feasible plan

[helpme123]

I have a question. In the process of filing at the end of the month (in Los Angeles) but am concerned if the court/trustee will consider a plan feasible or not.

I'm doing a lien strip which is for 150K and I have 75K in CC debt.

My attorney is saying that my payment will be around 200.00 per month for 5 years.

With that being said, that isn't much of a payback but based on my expenses (housing, car etc) that’s what I have left over. Can the courts say that amount is too low, if in fact that is all I have in disposable income? If so, what happens next?

[enginegirl]

i do not believe so, your atty should know better than anyone....

[busby]

It's my understanding that although each case is different - it is what it is.

As long as what's left over from what you make each-month after expenses is enough to pay your creditors over the length of your case the same amount they would have received if you had filed Chapter 7 and liquidated assets - then you should be fine.

$200/month for five-years ($12,000) may pale in comparison to your debt ($75k in CC debt) but it is what it is!

I'm paying $216/month and had slightly over that amount in CC debt if I remember correctly. That just means I'm still poor! But at least I won't still be in debt AND poor!

[momofthree]

The trustee can object to some of your expenses in order to increase your payment amount, but as long as they are all reasonable & provable, then like the pps both said, it is what it is.