Question about payments bi weekly

[memaria]

Hi there, I was just wondering can you have your payments deducted from payroll split within the month. So for instance my plan is $450 a month. Can they take out $225 each paycheck? I get payed biweekly. just wondering. My meeting is not till Feb 16.

thank you,

Maria

[enginegirl]

Hi there, I was just wondering can you have your payments deducted from payroll split within the month. So for instance my plan is $450 a month. Can they take out $225 each paycheck? I get payed biweekly. just wondering. My meeting is not till Feb 16.

thank you,

Maria

that is typically what is done.... however as it is said time and time again.. every trustee is different! Good luck to you!

[memaria]

Thank you for answering my question. Also my first payment is Jan 30,2010 I was going to mail a money order to the trustee overnight mail. Is this ok as long as it is recieved by the trustee by the due date? I was going to pay it on Jan 27 and have it there by the 28jan .

[enginegirl]

You should be ok... just remember that most payments are sent to a lock box/PO Box so do NOT send signature required as there is no one to sign!

I am assuming you are waiting for pay day to send the first payment, if this is not the case i would send as soon as you are able via snail mail and not wait till last possible moment!

PS ask atty.. that is always the best place to get info from!

[UpsideDownMI]

If you are paid bi-weekly, the amount deducted from your pay check should reflect that you are paid bi-weekly. If it wasn't, then you would actually be paying more into your plan than required. If your plan payment is $450 per month, then your payroll deduction should be $207.69 per bi-weekly paycheck ($450x12 divided by 26). I am paid bi-weekly and my plan actually states the number of bi-weekly payments that I am required to make during the life of the plan.

[RunningMan]

Thanks UpsideDownMI. I was worried about how that would be handled too. I saw one poster say they overpaid their plan because they were paid bi-weekly. In their case, their plan ended early because of it, but I wouldn't want to chance it. I have to make my first payment with a cashier's check at the 341 hearing, but I think I would prefer a payroll deduction for the long term so I don't have to worry about it. I travel a lot for business and am out of town most weeks during the week. Getting to the bank to get a cashier's check could be difficult some months. I could have my wife do it, but I am a control freak.

[puggymoo]

I had it set biweekly. I work at Post Office and it took almost a month to get it set up. I went ahead and sent the first check for Nov15-Dec15 in and then started paying 526.15 biweekly myself until it started. I didn't want them to accuse us of not giving the money to them as we agreed . I would of liked to of kept a few checks since we are in a 100% payback.

[Kuya]

My court papers stated $480/month for 60 months. But the Trustee took bi-weekly payments of $240.00.

In my case, the payments started automatically and instantly - even before meeting with Trustee. I actually ended up paying the BK13 off a few months early because my court order was $480 per month . . . for 60 months. $280, every two weeks (which is what the Trustee actually took from me) paid off the BK faster because there are a few months each year that have 3 pay periods, thus paying more than $480 on those months.

However, as others have said - and as I have learned from reading lots of stuff on this site - everyone's situation can be very unique.