100% plan for me after meeting with an attorney..how many of you are also in the 100%

[tn09]

Just got back from my consultation with an attorney. The attorney crunch some numbers and suggested that I would be in the 100% plan. The 100% plan would save me about $400/month based on what I am currently paying my CC, loans..etc. I will not need to surrender any of my possessions and don’t need to worry about my tax returns or any increase in income since I am in the 100% plan.

Just like to see who else is in the 100% plan…and was this the only option your attorney gave you??

I am going to get a few more second opinions from other attorney just to make sure this is the best solution for me. BTW- I failed the mean test so CH13 is my only option.

[momofthree]

I'd check with several more attorneys before taking this one's word for it. Be sure to take your paystubs and an accurate budget with you on your consultations.

[klandsb]

I would definetly get a 2nd and 3rd opinion. I went to 3 different ones and got 3 different answers. I ended up in 40% payback to unsecured... However, I was lucky enough that I was current on my house/heloc/ car ...The credit card rates,balances were killing me... Also, keep in mind everyones situation and reason for bankrupcy is different . Also, every trustee is different. I had my grandsons childcare expense (long story) that my attorney said I could not include but when I brought it up and gave the reason in my 341 they said it was fine to be added as an expense.. I was thrilled beyond words and my attorney had to eat crow ...

[tn09]

I would definetly get a 2nd and 3rd opinion. I went to 3 different ones and got 3 different answers. I ended up in 40% payback to unsecured... However, I was lucky enough that I was current on my house/heloc/ car ...The credit card rates,balances were killing me... Also, keep in mind everyones situation and reason for bankrupcy is different . Also, every trustee is different. I had my grandsons childcare expense (long story) that my attorney said I could not include but when I brought it up and gave the reason in my 341 they said it was fine to be added as an expense.. I was thrilled beyond words and my attorney had to eat crow ...

Yes, you are correct. I will be getting a few more opinions and I have to be careful when I post on this forum because this forum is across the United States, where rules and regulations varies greatly from districts. I am current on all my payments and have not been late over 5 years. I only have one mortgage, no 2nd or HELOC. I am in the same boat as you are, the CC is killing me and with my current payments, I will probably pay them until I am 6' under.

[greenthinker]

I am at 100% payback. It was clear to me that I was going to be when I calculated my DMI, and determined that I had more than enough to pay 100%. So, I was not surprised when the attorney came to the same conclusion. Best of luck to you!

[deedee642]

My attorney kept saying things like "you could pay pennies on the dollar" and "you are underestimating the amount of disposable income you'll have available to you" Then the day before we were to file and I finally saw the paperwork, it was 100% payback. I wouldn't sign the papers. Lost a lot of money to the lawyer, but learned a costly lesson. I should have shopped around.
Dee

[kornellred]

Payback percentage to unsecured creditors is strictly a function of your disposable monthly income. If, after secured and priority debts are satisfied, there is enough left over to pay unsecured creditors 100 percent of what you owe, then that is what you will pay. If there is only enough left over to pay them 10 percent, that is all they will get. The debtor has no say in the matter.