One thought on “How much of my debt will I have to repay if I file for Chapter 13 bankruptcy?

  1. Arti says:

    Learn whether you’re eligible for Chapter 13. If your gross household income exceeds the median yearly income for a household of your size in your state, your plan must last five years—unless you can pay 100% of your unsecured debt in a shorter period. Your state decides whether you can use the federal bankruptcy exemptions or state exemption laws. It will depend on the types of debt you have. The second portion of the means test allows you to subtract a few monthly expenses from your income. If your income is less than your state’s median yearly income, you can propose a three-year plan. If your household income is lower than the median household income in your state, you’ll pass. However, if you don’t pass the first part, you’ll have another chance to qualify. If you don’t have enough remaining to pay a meaningful amount to creditors through a Chapter 13 repayment plan, you’ll pass. You’ll take the two-part Chapter 7 means test. Your state decides whether you can use the federal bankruptcy e

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