How Much is Credit Card Repayment Principle Reduced Under Chapter 13 Bankruptcy Filing?
I am considering filing Chapter 13 Bankruptcy and know that I will have to pay back the creditors under the repayment plan between 3 and 5 years. I am trying to figure out how much I will be paying per month to the trustee.
I live in Florida, have 000 in unsecured credit card debt, 000 in a car loan and pay 00 a month in child support.
I make about 000 a year gross.
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Sorry….it’s not going to be a straightforward answer.
To start, you need to take a look at Form B22c from the bankruptcy court.
http://www.uscourts.gov/rules/BK_Forms_08_Official/B_022C_0108v2.pdf
This is sort of a "worksheet" that will eventually calculate what your "disposable income" will be. Your disposable income is the amount of money left over after taking your income and deducting your living expenses. The remaining will them be paid to the trustee.
Getting all of the info to fill this form out is going to be very time consuming, but it’s the only way you will be able to figure it out. You can also examine the other forms and instructions if you really want to give it a shot…
http://www.uscourts.gov/bkforms/bankruptcy_forms.html#official
The previous answer about only paying 10% is ridiculous. I have seen people get away without paying a dime, while others have had to pay nearly 75% of their debt. The new BK laws were designed so that if you make a decent amount of money, they are going to force you to pay a higher amount back.
As you fill out these forms….remember that a lot of attorneys got out of doing bankruptcy work because these forms are a bit difficult and there are a million ways to make a mistake. So don’t even try to think you can do your own bankruptcy, ok?
You might end up paying 10% of the outstanding balance existing at the time you start bankruptcy..
sure hope you have a great job with an outstanding salary — anyway i figure abou 700 to the credit cards and 650 to the car!!!
Wow, this would depend on your salary and what the Trustee would have you pay. Some bk attorneys have free consultations. Remember thought that the trustee payment is ANOTHER payment in addition to your child support, car note and any other liabilities (outside of credit card payments which should go away). Also, you may be required to go to debt/credit counseling first.