stacykat Posted August 4, 2003 Report Posted August 4, 2003 Ok I'm still a bit confused. I have a $291 collection, if I file ch 13, it would be .10 on the dollar, making what I owe $29. This would be payable at .77 a month for 3 years and then that would resolve the debt? As you can tell I'm not great at figuring this stuff out and don't fully understand this process so I just want to make sure I'm not going to put wrong info in my letter. Thanks again and sorry for the bother!::EDIT:: not sure why this got posted as new topic, was supposed to be in the "settlement letter" thread....sorry!
md Posted August 5, 2003 Report Posted August 5, 2003 It would not be 10 cents on the dollar. What Sis was saying is that it could be as low as 10 cents on the dollar, it could be as high as the full amount you owe. At a minimum, it would be what they would have gotten if you had filed chapter 7.
md Posted August 5, 2003 Report Posted August 5, 2003 Oh ya, and the time period can be anywhere from 3 to 5 years. All of your finances will be tied up most likely by the court and trustee to pay off these debts first and foremost. Of course reasonable living expenses are what really come first, but beyond reasonable living expenses, it all goes to your creditors.
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