How much will my chapter 13 payment be?

This is what you really want to know.  Often, I can calculate a chapter 13 plan payment for you on the phone.  In almost every case, the chapter 13 payment we calculate is LESS than what you are paying now.  You lose no property, keep everything, and can even pay LESS than you currently owe.  How much will your chapter 13 payment be?  It depends on the kind of debt you have, and in some cases how long ago you purchased your vehicles, and, in some cases, your income.

Minimum Chapter 13 Plan Payment Calculator
Real Estate Debt:
If you rent, or you are current in your mortgage payments, leave items 1 and 2 blank.
1. Real Estate – Enter monthly payment(s) (leave blank if not behind):
2. Enter total $ you are behind in mortgage payment(s):
Automobiles:
*these are paid off in the plan
3. Payoff on your car debt (or car value if less, and purchased more than 910 days ago)
4. Payoff on your car debt (or car value if less, and purchased more than 910 days ago)*:
Personal Property:
For loans secured by personal property (e.g., Eagle, Mariner) list the garage sale value of property only, not the amount owed, if loan was taken out more than a year ago, otherwise, list the balance on item 5.
5. Total owed on loans secured by personal property (or value of property if loan more than one year old):
6. Tax debt owed if any:
7. Total of unsecured debt (medical, credit cards, etc.)
Plan Length and Calculations
The monthly payment will be calculated for a 5 year plan. Vehicles and tax debt will be paid in full in the plan, and unsecured debt paid at 1%. This is an example only, and your payment might be more, depending on your circumstances and your income.
Administrative fees charged by the trustee: $0.00
Minimum Chapter 13 plan payment: $0.00
Notes: If you have equity in property that is greater than the exemptions you can claim, your payment may be higher than indicated. If your net disposable income is great enough to permit you to pay more, after you pay for your housing, child care, and after the maximum family living expense budget is subtracted, then your payment could be higher. This calculation assumes the minimum legally possible payout to unsecured creditors.

You can calculate how much your chapter 13 will be by using the chapter 13 payment calculator here.  The different kinds of debts are automatically treated according to bankruptcy law.  You can catch up missed house payments in a chapter 13.  If you are doing this, then the court will require you to also pay your house payment through your plan as well.  If you owe taxes, these are paid in the plan as well, but we can often reduce the amount you by reducing the penalties you might owe.

When we calculate how much your chapter 13 plan payment will be, we can often reduce the amount you have to pay for your car.  If your car was purchased more than 910 days ago, or if you have refinanced it, you need only pay the value of the vehicle, even if this is less than what you owe.  Of course, you will never have to pay more than what you owe according to your purchase contract, but this feature of chapter 13 saves THOUSANDS of dollars for many of my clients.