Chapter 13 Bankruptcy – How are the repayment figures calculated?
I am thinking of filing for Chapter 13 bankruptcy. I already have one judgment against me and I am worried another collection agency will be taking further action. How do they calculate the amount that the Trustee will accept for repayment? I am already paying close to 00 for my unsecured debtors. I am concerned because I am going to have some large medical bills in the near future. Any help would be appreciated. Thanks.
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Caveat: This is an oversimplified answer -
Secured debt on your house is based on a repayment plan of 3 to 5 years applied to the amount delinquent at 0% interest. (You can repay any delinquencies over 3 to 5 years at 0% interest on top of your regular mortgage obligations.)
Secured debt on cars, boats, planes, etc., may be bifurcated into the secured and unsecured portion. Secured portion remains. Unsecured can be discharged (rare event).
Unsecured debt is usually paid back at the rate of approximately 75% of the amount owed.
So, if you can afford this type of payment schedule, then Ch 13 is utilized. Otherwise, Ch 7 is on the table and the formula for that is different.
In the meantime, convert all "non-exempt" assets to "exempt" assets.