Chapter 13

kfellens · Joined: 05 Feb 2010 Posts: 3 1.56 Dollars($)

we owe about $25,000.00 in credit cards and pay $654 a month. If filing Chapter 13 would our payment be less that what were paying now?

erizkallah · Joined: 05 Feb 2010 Posts: 2 1.51 Dollars($)

Your payment shall be far less than what you pay now. When they restrcuture your debts in Chapter #13, you need an attorney to see your debts and your assets. You might be obligated to pay 6% - 15% of your totatl debts for 3 to 5 years. But you will be watched during this period and you need to go along with the plan (set by the Judge)

kfellens · Joined: 05 Feb 2010 Posts: 3 1.56 Dollars($)

So our credit cards will not get the full amount paid back to them between the 3-5 year period? Someone told me yesterday that we will pay a whole more a month in the repayment plan, more than what our min. payment is right now, which is $654. That makes a whole lot more sence because why would I even file Chapter 13 if we can't afford the payments now.

Guest

I know people who filled chapter 13 and did want to keep the house but had a lot of credit cards and it is pilling up. So they had to prove to the court that their house equity is around $75,000 or less (filled Jointly). The reason for that, the court can't ask them to see the house and pay for the credit cards (Debtors). And depends in you situation, the court might ask for 6% or 15% of the total amount of debt to be paid back in installments in 3-5 years. The more obligations you currently have, the percentage to pay back varies with it.

kfellens · Joined: 05 Feb 2010 Posts: 3 1.56 Dollars($)

OK so say it's between 6% and 15%, whatever it is will the Trustee still charge 10% on top of what I pay back?

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