Do you think This is Fair ?

[daleintampa]

Been paying $465 a month for 8 months. Trustee will comfirm next week for $670 a month. At first I was pissed but realizing maybe its Fair.
Our Household income is $80,000 a year. Our house is free and clear and the $670 a month includes one of our cars. So besides paying our property taxes,utilities, car insurance, after school care and some other small expenses. The $670 would be the highest bill we will have. Is this a fair amount ? or too much ? Besides the chapter 13, I dont know what other options we have that will not put our house and wages at risk.

[LadyInTheRed]

It's really hard for anybody to tell what's fair in your case without knowing all of the details of your income expenses. But, since you don't pay any rent or mortgage payment and the payment includes a car payment, it sounds pretty reasonable. But, I also don't know how many kids you have.

[daleintampa]

2 kids. The $465 that we have been paying has been a breeze. with the extra 200 a month, I worry that down the road we may hit a snag and it could make a difference. and from what I understand if we have a hard time coming up with that one month. Game Over.

[shark66]

Besides the chapter 13, I dont know what other options we have that will not put our house and wages at risk.

I think you've pretty much answered your own question with the sentence that I'm quoting in this post.

Most of the Ch. 13 debtors aren't happy with what their payment is - myself included - but it's the least horrible of the options presented...

Good luck.

[LadyInTheRed]

If the $465 is a breeze, that's a good indication it was too low. Chap 13 is supposed to be liveable, but if it's a breeze, the trustee probably isn't doing his job very well. Just spend as little as you can and save what you don't spend so you can get past the snags. If you think you aren't going to be able to make a payment, let your attorney know before it becomes due. I've read here about trustees allowing a forbearance when temporary issues arise. If there is a permanent change that makes it impossible to make the payment, you can petition to modify your plan.

[daleintampa]

Ladyinthered and Shark. You'all sure made me feel better. I appreciate your replies. I have been listening to Dave Ramsey lately and he seems to make me want to get tighter with my money. That way I dont run into problems.

[minan]

You are lucky to have such a low payment. Our payment is over $2700/mo. Be thankful!

[shark66]

You are lucky to have such a low payment. Our payment is over $2700/mo. Be thankful!

Is your mortgage included? Cars, if any? That's a lot of dough...

Good luck.

[momofthree]

$80k income with no house payment and a trustee payment of $670 that includes a car sounds like a SWEET deal! Take it and run!

To give you some perspective, our family of 5 earns around $68k a year, we have a house payment of $1855/mo, an autistic child who requires large out-of-pocket medical expenses (around $700/mo), dh commutes 120 miles to work (high gas and car maintenance expenses), 2 kids in daycare, and our trustee payment is $610/mo (car payment + tt fees + attny fees)! AND we have still managed to save a couple thousand dollars since filing a year ago. Sounds to me like you're sitting pretty!

[minan]

Is your mortgage included? Cars, if any? That's a lot of dough...

Good luck.

Mortgage is "outside" the plan.

[LadyInTheRed]

Is your mortgage included? Cars, if any? That's a lot of dough...

Good luck.

She has a large amount of tax debt that explains a lot of it.

[enginegirl]

Just a quick 2 cents... Be aware that you will have to pay arrears for the difference between the lower payments and the payment that is confirmed...

[BookGoddess]

I think it sounds fair! The first months our payment was lower we could do it, then when it went up, like yours, it got a bit harder and we grumbled a bit but then it was just something that we worked around. Things came up and threatened to sink us, it was hard. Do the Dave Ramsey thing and cut hugely back so you can save for when those things come up!

[michele71]

yeah you made out. We made 61000k a year and we had to pay 1780/mo plus 1425.00/month outside plan for mortgage plus 2 kids and all the other expenses. Don't complain lol

[mountanddo]

Just a quick 2 cents... Be aware that you will have to pay arrears for the difference between the lower payments and the payment that is confirmed...

Really? Do they work that into the remaining payments in the plan or do you have to come up with it all at once.