Is there an income threshold of which a debtor is required or more likely to be required to pay 100% of their debt? So if a debtor makes $57000 and has $60000 in debt will they have to pay back 100% of the debt?
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Your reasonable and necessary expenses are subtracted from your income to arrive at your disposable monthly income (DMI). Your DMI is your plan payment. If your DMI times your 36 to 60 month commitment period is more than 100% of your unsecured debt plus any other payments that must be made in your plan, you can propose a plan that either ends earlier or has lower payments.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!
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