Indiana 2001-03: Expenses of Chapter 13 Trustees (9/12/2012) is a document published by the U.S. Department of Justice detailing the administrative expenses of Trustees appointed to oversee Chapter 13 Bankruptcy proceedings in the State of Indiana from 2001 to 2003. The document is divided into two sections: a summary of expenses and a detailed breakdown of individual expenses. The summary includes totals for administrative costs, such as attorney's fees, necessary travel expenses, and office supplies; and total disbursements made to creditors. The detailed breakdown further divides the expenses into categories such as staff salaries, legal expenses, office equipment, and insurance. It also provides information on the Trustee's total compensation, including fees and reimbursements.
Indiana 2001-03: Expenses of Chapter 13 Trustees (9/12/2012)
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FAQ
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
Other Required Payments Through a Chapter 13 Bankruptcy Plan There usually are two other payments included in the Chapter 13 bankruptcy plan. The first is the trustee's fee, which is 10% of the total amount paid into the case.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
When filing for Chapter 7 bankruptcy, you need to total up all of your regular monthly income and then deduct any expenses that the court requires. This will give you your disposable income.
The Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
In Chapter 13 bankruptcy, you must devote all of your disposable income to your Chapter 13 repayment plan. Through the plan, which lasts either three or five years, you pay 100% of certain debts and a portion of other types of debts.
The disposable income calculation starts with your gross income. You must also be a wage earner in order to file a Chapter 13. Then, certain expenses are deducted based on an IRS deduction. The deduction is based upon a national average, taking into consideration the metropolitan area you live.