Well, we signed the papework!

[cspa522]

Tonight DH and I went in and signed all the paperwork to file. Tomorrow I'm bringing in a cashier's check as soon as the bank opens (we waited until pay day). I'm still in a bit of shock, because the plan is so much lower than I expected. Not entirely sure it's going to stick when the trustee gets ahold of it, but I suppose we'll find out! I was bugeting for at least $1200 per month and it's $660 per month. Maybe my attorney's a genius, I don't know.

We got our home appraisal back last week and they appraised our house at $8000 less than what we owe on the first, so we will be attempting to strip the 2nd! Here's hoping...

Thanks to everyone for all the advice. It's not over yet, but at least it's signed. Now just to wait for the court date.

Speaking of that - what kind of questions can I expect in the 341 hearing?

[enginegirl]

I dont want to be one to rain on your parade, however, I have been told and also experienced that the first plan is always lower than the final plan.... sorry
The 341, however, is a piece of cake! there is a whole section on the forum regarding them... basically you are asked to verify you ssn, name, etc.. sometimes they'll ask what happened... but all is all it quite simple and usually none of your creditors will show.
The hardest part you have already done and that was to make the decision to file.
Good luck to you!

[cspa522]

I dont want to be one to rain on your parade, however, I have been told and also experienced that the first plan is always lower than the final plan.... sorry
The 341, however, is a piece of cake! there is a whole section on the forum regarding them... basically you are asked to verify you ssn, name, etc.. sometimes they'll ask what happened... but all is all it quite simple and usually none of your creditors will show.
The hardest part you have already done and that was to make the decision to file.
Good luck to you!

Yeah...I know! I don't expect the plan to stay this low. It would be nice, but I don't expect it. I'm prepared for it, and have in fact, been budgeting for it to be more like $1200 a month, all the way up to $2000 a month. That's why I know it probably won't stay at $660. That leaves us with a LOT left over, and I'm sure the trustee will see that. But, only time, and the 341 will tell.

Another question, though - after the 341, should we have to appear in court again?

[enginegirl]

Ye

Another question, though - after the 341, should we have to appear in court again?

Nope!! although I am going to my 3rd confirmation hearing .It is at 9am and I hate waiting on pins and needles all day!

[cspa522]

Nope!! although I am going to my 3rd confirmation hearing .It is at 9am and I hate waiting on pins and needles all day!

Oh Lord...why your third?! Is the confirmation hearing the same as the 341? I didn't think they were...

[enginegirl]

confirmation is different than the 341....
the 341 is when you meet with the trustee and creditors... about 30 days after you file
confirmation is when the trustee, your attorney and judge meet up to confirm your plan.. that is say yes the trustee and judge agree to your plan! this happens around 90 days after you file depending on your state.
My case is somewhat complicated as I took a large pay cut right before my 341 and new laws came into effect, which actually benefitted me, however, trustee and my atty are just learning the rules so it has been a bit of a mess.... my next confirmation will be smooth sailing (keeping all fingers and toes crossed!)

[cspa522]

confirmation is different than the 341....
the 341 is when you meet with the trustee and creditors... about 30 days after you file
confirmation is when the trustee, your attorney and judge meet up to confirm your plan.. that is say yes the trustee and judge agree to your plan! this happens around 90 days after you file depending on your state.
My case is somewhat complicated as I took a large pay cut right before my 341 and new laws came into effect, which actually benefitted me, however, trustee and my atty are just learning the rules so it has been a bit of a mess.... my next confirmation will be smooth sailing (keeping all fingers and toes crossed!)

Okay, great, thanks. I didn't THINK they were the same thing! I only have to attend the 341 and the attorney takes care of the confirmation. Thanks!!

[jl37]

Are you looking at a 100% payback plan to secured and unsecured?

[cspa522]

Are you looking at a 100% payback plan to secured and unsecured?

No. At the moment it's around 50%.

[Pandora]

congrats on getting filed Cspa522 - now onto confirmation .

Hopefully your payment will remain what it is and not go up; ours was quoted a bit over $400 but went up a few hundred once the trustee reviewed our plan. You should be able to see / know what your numbers are by looking at your schedules. To be off so much from what you org. thought of $1200 seems a bit odd, so definitely go over your copy of the paperwork to be certain and to know what the lawyer put. You dont want to be surprised if the trustee comes back with a higher payment or asks you about certain amounts on your schedules and you not knowing why / what they are.

[cspa522]

congrats on getting filed Cspa522 - now onto confirmation .

Hopefully your payment will remain what it is and not go up; ours was quoted a bit over $400 but went up a few hundred once the trustee reviewed our plan. You should be able to see / know what your numbers are by looking at your schedules. To be off so much from what you org. thought of $1200 seems a bit odd, so definitely go over your copy of the paperwork to be certain and to know what the lawyer put. You dont want to be surprised if the trustee comes back with a higher payment or asks you about certain amounts on your schedules and you not knowing why / what they are.

I absolutely will. I believe it has something to do with if we strip the 2nd. At the moment there is a law on the books, per my attorney, that allows for us to pay the 2nd mortgage (through the plan) a very low amount. She expects objections to this, but figures it's worth a shot. Better to start off low and go from there.