It is not unusual for individuals that are entering into a bankruptcy to become surprised to learn that they may have to continue making payments on their debts. This is for those that have qualified for the Chapter 13 bankruptcy repayment plan. This can become really confusing but many find that once their Chapter 13 bankruptcy has concluded that it was the best solution for their financial situation.
In most cases the bankruptcy repayment plan can expand from 3 to 5 years depending on the individual’s situation. Individuals that are going to qualify for this form of bankruptcy have set criteria that must be met. The unsecured debts must be less than $307,675 and the secured debt can be no more than $922,975. You also have to have a means of income in order to be able to meet the obligations that will be set down in that repayment plan.
Once the plan has been devised then the payments are made directly to the trustee who will then make the specified payments to the creditors. It is really important even if you are going into a Chapter 13 bankruptcy that you use the services of a bankruptcy lawyer in Dayton OH.
There are many forms that have to be filled out and you have to provide the bankruptcy courts with a lot of accurate and detailed information in order for this form of bankruptcy to be applicable to you. You do not want to make mistakes as once the repayment plan has been approved and put in place you are obligated to follow this. If you do not do so for any number of reasons then your bankruptcy becomes void and useless.
With using a professional to a help you eliminate a lot of the potential possibility for errors and also it helps to ensure that the plan that is being designed for you is one that is going to be workable.