Chapter 13 100% Plan Questions?

[Revolution]

My wife and I are thinking of filing chapter 13. We have contacted a couple of lawyers and are still in the early phases of finding the exact one to go with. We make too much money for the chapter 7. We have been up and down for past few years and it only seems to be getting worse with increases in everyday living expenses.

I want to drastically reduce our lifestyle and moneys going out monthly, so once we are through this mess, we can actually enjoy life a little more, at least financially wise.

We have a 1st and 2nd mortgage which we are current on, but I'm thinking I want to surrender. We have 45k roughly in unsecured dept.
I found a house for 23k, that I want to take a loan out of my 401k to purchase before filing, that could be paid for in 5 years.

Am I thinking right that since I will be in the 5 year repayment, that if I do a 100% plan, that my payments will be 45k/60 = 750 per month?

Does disposable income even become a factor in a 100% plan?

Can you still contribute to your 401k during a 100% plan (to keep company match)?

Seems to me if you pay back what is owed within your time frame, that you can do whatever you want to with extra money.

I've done some searches on here to help answer my questions, but apparently I'm not finding the right answer, so these are my questions. Just curious what others have done along these lines or advice. Thanks

[HHM]

First, DMI is still a factor. It depends on how close to the bubble you really are? For example, if a 100% plan payment would be $750 and your DMI is $850, trustee is probably not going to really push the issue. But if the DMI is actually $1,500, then you have a problem and the trustee will want to see all the money put into the plan...the trade off being, you are done much sooner.

On $45K of debt at 100%, minimal payment is more around $825...you need to factor in 10% for trustee fee, but more likely your payment will be closer to $900 when factoring in your attorney fee.

Note also, you probably have more than $45K in unsecured debt. If you surrender the house, I assume it is probably upside down in value, or certainly would be in a foreclosure scenario, so whatever you owe on the 2nd mortgage becomes unsecured since that lender will see little or nothing from the foreclosure.

If you weren't surrendering the house, I would probably advise against BK, but it sounds like you need to surrender the house to make this work. So you will need a chapter 13, but that chapter 13 is going to look different than what you are assuming right now.