Chapter 13 Payment Plan Example

You take and complete a credit counseling course. You'll prepare the bankruptcy petition and the proposed Chapter 13 plan. You file your bankruptcy petition, proposed plan, and other required documents. The court appoints a bankruptcy trustee to administer your case. The automatic stay takes effect.

When you log into your account, you will see a month and year in the top right corner. As a general rule, this is a the approximate date as to when your Chapter 13 bankruptcy will finish.

Debts You Must Pay in Full Through Your Plan. Add up the following debts and divide by the number of months your plan will last. Secured Debt Payments on Property You Want to Keep. Unsecured Debts. Length of Your Repayment Plan.

Within two (2) weeks to thirty (30) days, chapter 13 Trustee's Office audits all account balances, prepares and files a Trustee's Final Report and Accounting, and issues a refund to the debtor at the last address of record. This report shows only those payments made to creditors through the chapter 13 Trustee Office.

What is the bankruptcy discharge process and how long does it take? The discharge process takes 6-8 weeks from time of the last disbursement. Payroll stop deducts sometimes takes up to four weeks to process. The Trustee does a final audit to make sure all claims were paid correctly.

Once your ready and you've completed your payments, your assigned Chapter 13 trustee will complete an entire review of your Chapter 13 case.After the report from the trustee has been filed, the U.S. Bankruptcy Court will mail you a form titled Certification of Eligibility for Chapter 13 Discharge.

The Chapter 13 meeting of creditors allows the bankruptcy trustee (and any creditors who attendmost don't) to:verify information in your bankruptcy paperwork. ask about bankruptcy documents sent before the hearing. ask questions about your financial affairs.

The Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.

Chapter 13 typically lasts for 3 to 5 years and involves a repayment plan, where you pay some or all of the money owed to your creditors over the length of the plan. Written by Attorney Eva Bacevice. A Chapter 13 bankruptcy case will typically take between three and five years to complete.