Repayment Amount?
Date: Fri, 09/26/2008 - 14:02
In a Chapter 13, for example, if you have 20 debts that total $40,000, and you list them all in your BK, if only 12 creditors reply and those amounts total $10,000, is your monthly repayment plan based on the $10,000 of debt? (I know attorney & trustee fees are built in.)
I guess what I'm asking is if the attorney did the means test and gathered up all the bills and calculated an x amount to be repaid, I am assuming that would be if all the creditors responded?
Also, is it the means test that decides whether you enter into a 36 or 60 month plan?
I guess what I'm asking is if the attorney did the means test and gathered up all the bills and calculated an x amount to be repaid, I am assuming that would be if all the creditors responded?
Also, is it the means test that decides whether you enter into a 36 or 60 month plan?
I'm not sure about the 13 rules since we filed Chapter 7, but wh
I'm not sure about the 13 rules since we filed Chapter 7, but when I was originally trying to figure everything out, I found an online BK calculator that was very helpful. It's at legalconsumer.com. You just put in your zip code and it will walk you through the means test and the allowable deductions. It does seem to base the Chapter 13 payments on a 60 month plan, so I'm not sure where the 36 month plan would come in.
I'm guessing that you are right about the calculations being based on the assumption that all of the creditors would respond, but I'm not sure whether that amount would automatically be adjusted if they didn't all respond.
