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See a practical example of how a Chapter 13 repayment plan works to improve your monthly budget with these Chapter 13 payment plan examples. Understanding exactly how debt can be restructured under Chapter 13 Bankruptcy in Michigan can be confusing. How do you determine which option is going to provide the best long term outlook and the quickest debt relief? Ultimately it is best to consult with a professional. Many people want to get a realistic understanding of how the Chapter 13 bankruptcy works. Since it is a customized debt management program based on your personal debt and income, a Chapter 13 bankruptcy specialist needs to run a specific budget scenario for you. But to give you a general understanding, here are some examples of how the plan will work for you. Credit Card Debt Reduction - Chapter 13 Payment Plan Example Example: Household family of 4, Mounting credit card debt and medical bills due to a temporary income interruption during a medical leave. Both spouses are back to work, but debt has become overwhelming.
Chapter 7 bankruptcy does not put you on a repayment plan; eligible debts are immediately wiped out. However, it is only an option if your household's income is less than your state's median for a household of similar size. Can I Qualify for Chapter 13 Bankruptcy? To be eligible for a Chapter 13 bankruptcy repayment plan you must have: Regular income. Total unsecured debts under $394, 725. Unsecured is a debt that is not backed by collateral, such as a car or home. Credit card and medical debt are unsecured debts. Total secured debt under $1, 184, 200. Secured debt is a loan where you have pledged an asset as collateral. Your home is the collateral for a mortgage. A car is a collateral for an auto loan. How Do I File for Chapter 13 Bankruptcy? You should consider hiring a lawyer who specializes in consumer bankruptcy to help you petition for Chapter 13 bankruptcy protection. You will need to complete a series of official bankruptcy documents and submit a proposal for repaying your debts.
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This includes a $235 filing fee and a $78 miscellaneous administrative fee. If you can't afford to pay the full fee upfront, you can make up to four installment payments. Installment payments must be paid within 120 days of your bankruptcy filing or your bankruptcy case may be dismissed. Chapter 13 Bankruptcy Process Once you file your Chapter 13 bankruptcy petition, you have within 14 days to file your repayment plan, if you didn't file it with your petition. The meeting of the creditors is held between 21 and 50 days after you file Chapter 13 bankruptcy. You are required to attend this meeting to answer questions from your court-appointed trustee and creditors. Both you and your spouse must attend the meeting of the creditors if you filed a joint bankruptcy petition. A confirmation hearing must be held no more than 45 days after the meeting of the creditors. The bankruptcy judge will confirm, modify, or deny your repayment plan. Once your plan has been confirmed, your trustee will begin to disburse your payments to your creditors.
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However, if your plan is not confirmed, the trustee will return to you any payments you've made less administrative costs. After your plan has been confirmed, you must make sure your trustee receives your monthly payments. You can pay the trustee directly or have the payments deducted from your paycheck. If you fail to make your monthly payments, your case could be dismissed or converted to a Chapter 7 bankruptcy case. Failing to pay your child support, alimony, or taxes could also result in a case dismissal. Chapter 13 Bankruptcy Discharge Chapter 13 bankruptcy discharge is complicated, but more debts can be discharged in Chapter 13 bankruptcy than in Chapter 7. Your debts are likely to be discharged if you've: Made all your child support and alimony payments Have not received a Chapter 13 discharge in the previous two years or Chapter 7, 11, or 12 discharge in the previous four years Completed a court-approved financial management course Bankruptcy discharge relieves you of your obligation to repay the debts listed on your bankruptcy plan.
Chapter 13 bankruptcy helps people struggling with debt by putting them on a repayment plan that can make it easier to pay back what they owe. A Chapter 13 bankruptcy requires repayment over a three- or five-year period. Once you have completed your repayment period some of your remaining debts may be completely "discharged" which removes your obligation to make any further payments. Examples of debts that can be fully discharged after completing a Chapter 13 repayment plan include: Debt That Can Be Discharged Debt That Cannot Be Discharged Credit Card Debt Mortgage Debt Medical Debt Student Loans Chapter 13 repayment plans limit your monthly payments to no more than 15% of your disposable income. Disposable income is money you have left over after paying your essential living costs. How Are Chapter 7 Bankruptcy and Chapter 13 Bankruptcy Different? The main difference between Chapter 7 and Chapter 13 Bankruptcy is how debt is repaid. With Chapter 13, you will repay all or some of your debts under a court-mandated repayment plan.
What would my chapter 13 plan payments be? Fill out the Instant Chapter 13 Plan Calculator Below and Find Out! How does our Chapter 13 Bankruptcy repayment plan calculator work? Cisowski Law Chapter 13 Calculator is an algorithm that uses 4 pages of information from the user and combines them with a number of assumptions, legal rules, and standard variables to reach a precise approximation of what your Chapter 13 repayment plan monthly payments would end up being. The following assumptions are made: Your Chapter 13 repayment plan will pay the filing fee of $310 The plan will pay a fixed amount for trustee fees depending on the amount distributed to creditors Your expenses fairly match the average expenses for your state If your state allows for federal exemptions, which are more favorable than state exemptions, then federal exemptions will be used. The following legal rules are implemented: Your Chapter 13 repayment plan must pay the maximum of either (1) minimum payments to secured creditors; (2) at least as much as your creditors would receive in a liquidation (best interest rule); or (3) your income over your expenses (disposable income rule).