Indiana Chapter 13 Calculation of Your Disposable Income is a process used by the court to determine how much of your income can be used to pay your creditors in a Chapter 13 bankruptcy. It is an important step of the bankruptcy process and is used to determine your repayment plan. There are two types of Indiana Chapter 13 Calculation of Your Disposable Income: the means test and the budget-based calculation. The means test is used to determine whether you have enough disposable income to repay your creditors in full. The budget-based calculation is used to calculate your disposable income after all reasonable and necessary expenses are taken into account. In both cases, your attorney will help you determine the amount of your disposable income, which will be used to create your Chapter 13 repayment plan.
Indiana Chapter 13 Calculation of Your Disposable Income
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You'll calculate your disposable income in this manner. Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income.
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income. You'd are responsible to pay this amount to creditors each month.
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.
Chapter 13 trustees get paid by taking a percentage of all amounts they distribute to creditors through your repayment plan. This percentage varies depending on where you live but can be up to 10%. In addition, you typically have to pay interest on secured claims you are paying off through your plan.
§ 1325. In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.
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.
Your monthly disposable income is the minimum you'll pay to your non-priority unsecured creditors throughout the course of your Chapter 13 payment plan. Your disposable income is the amount that remains after deducting allowed living expenses and mandatory payments.