How to Use Your Chapter 13 Bankruptcy Payment Calculator?
Interestingly, Chapter 13 is sometimes less expensive than Chapter 7. For instance, Chapter 7 does not have to repay the priority and secured creditors. But, every Chapter 13 bankruptcy plan must repay the priority claims and secured arrearages. Since the interest and penalties are repaid partly for these unsecured debts, Chapter 13 might be less […]
Chapter 13 and IRS Tax Returns and Refunds in Bankruptcy • Video
Knowing about Chapter 13 and IRS tax returns and refunds in bankruptcy is important for filing successfully. The first thing you need to know is that the courts advise the Internal Revenue Service the moment you file bankruptcy. The IRS also advises the court and the trustee if you have not filed tax returns for […]
Chapter 13 Step Plans & Chapter 20 Flexibility to Make a Plan Affordable
Judges and trustees like the idea behind Chapter 13 which is using creativity to make a plan work. Chapter 13 step plans and Chapter 20 are just two tools that you can use to make a Chapter 13 plan affordable. For instance, a debtor might initially need lower payments. However, do you know that you […]
How to Calculate Chapter 13 Plan Payments • Video
Your Chapter 13 plan must calculate Chapter 13 plan payments that pay the secured and priority debts in full. The unsecured debts may be paid as low as 0%. If you properly include all your reasonable and necessary expenses this percentage is often well below 50%. We include items like 401k retirement expenses if you […]
Budgets for Chapter 7 and 13 Bankruptcy
Budgets for Chapters 7 and 13 bankruptcy include expenses that are acceptable by the trustees and judges. However, those expenses must make sense for your needs and income. Budgets for a Chapter 7 bankruptcy need to support the conclusion that you have no money left over after your reasonable and necessary expenses to pay a […]
