I had my initial consult a couple weeks ago. At that time, she advised me that I would be paying approximately “total debt plus 10% divided by 60.” I calculated this to be around $1700 per month, which is a very doable number for me.
Today I got my formal estimate. They’ve calculated $2230 per month for 60 months, with a total payback of almost $134k. My total debt is only about $80k, and the estimate confirms that this is the approximate amount that will be paid to creditors. It shows $13380 as a trustee fee, and $2383 as attorney fees, and all that only adds up to around $96k.
I have asked them where the discrepancy is but it’s Friday afternoon after 4 pm so I’ll be shocked if I hear back from them before Monday. This is going to have me spiraling all weekend. Does anyone have any idea what might be happening here? I’ve been so hopeful but seeing this crushed me. There is no way I can afford $2200/month. I appreciate any insight anyone can offer.
Edit: to my complete shock and amazement, the lawyer just responded and clarified that the $2230 includes my cram down car payment of ~$662. I was expecting that to be separate. I feel SO much better now. Thanks to those who responded!
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