What is Chapter 13 Bankruptcy?

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1325. In chapter 13, "disposable earnings" is income (other than child support payments received by the debtor) less amounts fairly needed for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross earnings. If the debtor operates a business, the definition of disposable earnings leaves out those quantities which are required for regular business expenses.

1325(b)( 2 )(A) and (B).  The Latest Info Found Here " depends on the debtor's existing monthly earnings. The applicable dedication duration should be 3 years if present month-to-month earnings is less than the state mean for a household of the same size - and 5 years if the existing month-to-month income is higher than a family of the exact same size.

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1325(d). The plan might be less than the relevant commitment period (3 or 5 years) only if unsecured debt is paid completely over a much shorter period. Within 1 month after filing the personal bankruptcy case, even if the plan has not yet been authorized by the court, the debtor needs to begin making strategy payments to the trustee.

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1326(a)( 1 ). If any protected loan payments or lease payments come due prior to the debtor's plan is confirmed (usually home and vehicle payments), the debtor must make sufficient protection payments directly to the secured lending institution or lessor - deducting the quantity paid from the quantity that would otherwise be paid to the trustee.