Filed today

[jwhit]

I had my signing appointment today and filed today. It went better than expected and I can't believe how positive this has turned out to be so far. My payment will only be $320/month for 55 months. This is even lower than I had hoped and a huge blessing. Even better, my plan has a 0% payback to the unsecured creditors. I forgot to ask the attorney, but with tax returns, does the trustee get all of it? The IRS has sent a lock-in letter, so I am at zero withholdings. If he keeps all of it over the next year or 2, it will significantly reduce my debt....If I am able to do an early buyout or request a dismissal, would I only have to pay the secured claims? Or are the unsecured creditors able to come after me?

[highnndry]

Hi, I don't have any answers that you are seeking as I'm new to this also. However, I do have a question about your 0% payback to the unsecured creditors. Is this something you put it in your 13 plan or did the trustee decided that you don't have to pay back to the unsecured creditors?

Thanks in advance.

[jwhit]

My attorney was the one who did it. He said that he was able to use my exemptions to make it so I don't have to pay the unsecured creditors. I'm not sure how it worked out. Maybe someone here with more experience could weigh in? I asked if the trustee would allow it and was told that they are very familiar with him and it would be no problem. Fingers crossed that is the case!

Good luck to you.

[momofthree]

The way tax refunds are treated varies widely by district, so this is a question that you'll have to ask your attorney. If they do keep your refunds, then that money will simply increase the payout to your unsecured creditors. If you want to buy out early, you have to pay 100% of all claims, including the unsecured claims. If your case is dismissed, ALL of the debt (including those that didn't submit a claim) returns, plus interest and fees on top of that! Dismissal is rarely a good idea.

@highndry, if your schedules I/J can't support a payment to unsecured creditors--using reasonable and necessary expenses--and you pass the ch.7 liquidation test, then many districts will confirm a 0% payback to unsecured creditors. I'm in 0% bk myself. Based on the posts we've seen from you though, I don't believe you will qualify for a 0% payback plan.