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How is plan term determined?

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    How is plan term determined?

    Can someone help me understand how, and who choices the term of 36, or 60 months?

    Thanks

    #2
    If your income is above median for your state and household size, you will have a committment period of 60 months. If your income is below median, you have a committment period of 36 months, but your plan can go as long as 60 months if needed to pay arrears on secured debt, the value of non-exempt assets or any other minimum amounts that must be paid in your plan. Your plan can be shorter than the commitment period if you pay 100% of unsecured claims earlier.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      That makes sense. Thank you for the help.

      Comment

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