Conditions for a 3 year plan...

[brtb]

All,

Due to the pending separation/divorce I'm consulting a new bk atty next Fri. Jointly we are 2 1/2 years into a 5 year plan, which I have solely been paying. I wonder what the chances are that I can separate my bk and make it a 3 year plan. That would be a dream come true for me. Does anyone know the conditions under which one qualifies for a 3 year plan?

Also, any questions I should ask my potential new bk attorney?

Thanks!

[LadyInTheRed]

You can qualify for a 3 year plan if on the date of filing your income is below median for your household size in your state. You also have to be able to propose a plan with a high enough payment to pay any arrears on secured debt and to pay for any non-exempt assets, trustee fees and attorney fees included in the plan.

If you are bifurcating your BK, I don't know whether you can reduce your plan to 3 years based on what your income was at the time you filed. There's one thing to ask the attorney.

[dmc-2008]

I don't know the answer but when I read your post it makes me wonder if you want it reduced to a 3 yr plan giving you only 6 more months of payments or do you want to start over and go with a new plan for 3 more years? That would be a total of 5.5 years for you.

I may have misread! But anyhow... Good luck and sorry about the divorce.

[brtb]

Thanks for your replies. I would love to have my plan reduced to 3 years once we separate the plans. I'll probably just have to finish of the 5 year plan. However, even by myself I make more than the median income. I'll see what this atty says next week. I'll keep everyone posted. I can't imagine I'm the only one or will be the only one going through this.

The funny thing is I'm moving forward, but my husband is still enamored by this other woman. He's not doing anything. Maybe he thinks I'm bluffing...