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.
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.