http://www.goodbye2debt.com/

Law Offices of Nicholas Gebelt
15150 Hornell St
Whittier, CA 90604
(562) 7779159

The simple answer is yes. The whole point of chapter 13 plans is to have a manageable way to address debts that you're having difficulties dealing with outside of bankruptcy, and so the bankruptcy plan, the chapter 13 plan has to satisfy a few requirements, and as long as you satisfy these requirements, the judge assigned to the case will confirm the plan, and the plan is binding on you and on all the creditors. One of those requirements, and I like to word it like this, it isn't maybe in common parlance the way it is, but the plan has to be fair. Fair is usually a very vague term, really just the place you get cotton candy, but in this context we can make it very precise. There are two possibilities. Either you per pound a 100% plan meaning that over the life of the plan, you will pay 100% of what you owe to the creditors, but without interest accumulation, that's the good news. Or if you're going to propound a plan that is less than a hundred percent, meaning that over the life of the plan, you're not going to pay those creditors in full, then you're required each month to devote all of your disposable monthly income to the plan. What's disposable monthly income? On a very rough hue basis, we can think of it as we take your gross income minus what you're paying in taxes and social security and minus what your reasonable living expenses are, and what's left over is your disposable monthly income. So you'll notice that in the calculation of disposable monthly income, we've already made provision for your living expenses. So no, you're not going to have one hot meal a day and all it is a bowl of steam. It's a reasonable thing and it's designed for success.
Unfortunately, a lot of Chapter 13 plans don't succeed. Some of those don't succeed because the person filing the plan is the debtor rather than an attorney, because chapter 13 is a bit complicated for the individual better to navigate, and so sometimes debtors file a chapter 13 on their own and they don't really have a good grasp on what's required. So those plans typically fail, but in my cases my clients succeed, because we come up with a plan that's reasonable, something they can live with, and something that satisfies the other requirements of the chapter 13 plan.
So the long and short of it is, will the plan be affordable? My definition it has to be affordable.

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