from what ive read its a 5 year plan on an agreed amount. then after the 60 months the rest of the debt goes away, correct?
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There are different plans from 36 months to 60 months. It all depends on how much you owe, and how much extra income you have left over after paying your basic bills.
The attorney and Trustee will draw up your payment plan if you are in a Chapter 13. You have to have the "extra income" each month to qualify for a Chapter 13. The Court will determine this and how much you pay. Some plans only pay 10% , some pay 100% and all in between. Each case is different.
And yes, after your plan is over, any monies still owed to a creditor is "wiped out".....
Hope this helps.....Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
When a discharge is obtained in a Chapter 13 Plan, the debts owed the creditors listed in the filing are discharged in full. They cannot come back and try to make you pay any of that discharged debt.Originally posted by tropolis View Post_________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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Just a side note, the only debt that is "wiped out" after the end of the plan is any remaining unsecured debt, (credit cards, unsecured loans, etc...)
If you have any secured or priority debt that can't be satisfied within the 60 mos plan, you are still liable for that type of debt.
KYou can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icingComment
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