Question about my 13 plan. Im over it !

[daleintampa]

OK. my wife and I are 8 months into our plan payments at $465 a month. Not confirmed yet. The Attorney called this morning and said Trustee will confirm at $670 a month ! WHAT !?!?!?!!?!?!?
We make about 80k together a YR. 10k over the medean income for a 7. When we first went to this Attorney. We spoke to another Lawyer that worked there and Made me feel confident that we could do a 7. then he went to work somewhere else and the Head Attorney told us we made too much for a 7. The only thing is and I dont know if it matters is our House is Paid off. had about 50k in unsecured debt and 30k secured. we only kept one car in the plan.

We have been paying $465 a month for 8 months now and this Dude is telling me its going to cost me another $200 a month. What should I make of this ??? What should I do ? He had it worked out where thats all I could afford to pay and now this.
P.S. Forgot to mention. He said it was because of some unsecured debt 8k that was purchased within a year of filing. I think he said they had that debt down as secured but is unsecured.

[AKA]

I'm in Tampa, Middle district, and just filed for my 13 after failing to qualify for a 7. My biggest concern has been that as my income increases so will my monthly payment. Right now it's scheduled at $169, nothing compared to yours, but I have been informed by my lawyer mine is a 100% repayment plan. From another member, justbroke informed me: "If you're in a 100% repayment plan, not much affects it. Unless your 100% payback is due to excessive DMI. Otherwise, if you're in a mandatory 100% repayment plan -- due to the calculation of what's known as the Chapter 7 liquidation test -- then nothing would affect the payment amount."

[daleintampa]

I guess My main question is. If I decide to tank the Chapter 13 because I dont think I cant afford $670 a month. What is at risk ? We own our house outright. Can the creditors take it or put a lein on it ? The House is the only thing I would be worried about. and my wife and I both have a income. I feel like the Trustee and Attorney got about 4k of my money so far and they could care less.

[momofthree]

It sounds like they are objecting to some of your expenses as being too high, or they could have uncovered some non-exempt items that are now creating a min. amount to be paid into the plan. This is not uncommon (tt objecting to expenses). Have you checked pacer to see what he's filed? It could be something you could fight, or you may just need to make a lifestyle change to allow for the additional $200/mo payment.

If you dismiss, your home and your wages are at risk (assuming that FL is a state that allows garnishment).

[Pandora]

Also to note - you say you have 30K in secured debt - which for a 60 month plan, is more than $470 (if all priority and cant be discharged / turned-in i.e., car). Dont forget, any lawyer / trustee fees must be accounted for as well (if you included legal in your plan for re-payment).

I agree with Momofthree - you need to look at your expenses and see if they're too high; if you dont want liens / judgments (if you dismiss), you'll find the extra $200 somewhere in your budget.

[jange]

After our 341 meeting our plan went up $300 a month, due to a couple of things including a small raise and bonus that hit right before the 341 meeting. Since the total base plan went up, my payment also includes an extra $20 per month to make up for the difference paid between the original payment amount and the new payment amount
That could also be part of the increase.

confirmed 7/2010

[puggymoo]

If your house is paid for than why are you filing bk. Why not take a loan against your house? We make a 105k a year and our payments start at 1140 a month.

[daleintampa]

I got a little more Info. The extra money is $10k that the Trustee felt like needed to be repaid due to it being within a year of filing. I understand now and feel that maybe I was being a little Greedy. Im not possitive what or how my Attorney has all the numbers worked out but I trust him. I just know when I went to see the Attorney for the first time, This is what I had. 2 cars $26k owed. 1 Boat 21k owed. and About 35k in CC debt. I appreciate all the replies. This Forum Rocks !!!