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Alex is a wage earner with a regular income. He has unsecured debts of $ 42000 and secured debts owing to Betty, Connie, David and
Alex is a wage earner with a regular income. He has unsecured debts of $ 42000 and secured debts owing to Betty, Connie, David and Eunice totaling $ 120,000. Eunice's debt is secured only by a mortgage on Alex's house. Alex files a petition under chapter 13 and plan providing payment as follows:
a) 60 percent of all taxes owed
b) 35 percent of all unsecured debts and c) $ 100,000 in total to Betty, Connie, David, and Eunice. Should the court confirm the plan? If not, how must the plan be modified or what other conditions must be satisfied?
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