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Your monthly net income (gross pay less employment taxes, income taxes, health insurance plan deductions, etc) is the starting point.
Debts you owe on fines or restitution orders contained in the sentence for conviction of any crime (yes, even traffic tickets) may not be discharged in Chapter 13.
A chapter 13 bankruptcy is also called a wage earners plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Every three- to five-year Chapter 13 repayment plan must fully pay the following: mortgage arrearages (if youre keeping a house) mortgage or rent. car payment and maintenance costs. food, clothing, and utility expenses. monthly tax and support obligations, and. childcare costs.
To complete a Chapter 13 bankruptcy, you need to make monthly payments for either three or five years. Whether you pay for three years or five years depends on your income. If your income is less than the state median, you pay for three years. If your income is more than the state median, you pay for five years.
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To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
If you filed for bankruptcy to avoid foreclosure or are behind in house payments, your Chapter 13 plan payment could be more or less $1500 per month. Additionally, high income, high debt Chapter 13 filers would usually be required to make payments between $2000 and $3000, or even more.
Plan for repayment are firm and detailed. Debts are streamlined into one combined, regularly-scheduled payment. Payments usually run three to five years. A person filing for bankruptcy is allowed to keep his or her property.
In any type of bankruptcy, a debtor must declare all income, assets and debts. There is no opportunity to hold back a debt. You cannot keep a loan such as a loan from a family member or business partner in an attempt to keep the effects of the bankruptcy away from that creditor.
Background. A chapter 13 bankruptcy is also called a wage earners plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

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