| Chapter 13 Repayment Plan |
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Chapter 13 Bankruptcy allows a person to consolidate their debt while making affordable payments to a trustee. A payment plan is proposed, which repays in whole or in part the total indebtedness over a three or five year period. The amount of the payment depends on the following factors: Monthly Income Monthly Expenses Amount and Nature of the Debt The most common uses of Chapter 13 Bankruptcy include: Repayment of Back amounts owed on a person's mortgage Restructuring of auto loans to save the family vehicle. Retaining "non-exempt" assets The "Bankruptcy Reform Act" of 2005, requires persons seeking bankruptcy relief, whose income is greater than their state's median income, to file under Chapter 13 Bankruptcy. In other words,if your income is "above average" you have to repay all or part of your debt. Depending on a number of legal rules and technicalities,your repayment plan may be 0 percent, 100 percent, or somewhere in between.
727.322.1999 Phone 727.327.7999 Facsimile 5150 Central Avenue St. Petersburg, Florida 33707 |