The Georgia Chapter 13 Plan is a form of debt relief that allows individuals who are facing financial hardship to reorganize their debt obligations and pay back creditors over an extended period of time. It is available to individuals with a regular source of income, and is designed to help those who are unable to pay off their debts in one lump sum. The Georgia Chapter 13 Plan is a type of bankruptcy, allowing individuals to create a payment plan to pay back creditors over a three-to-five-year period. During this time, creditors cannot initiate collection activities, such as wage garnishments or repossessions. Once the plan is complete, any remaining debt is discharged. There are three types of Georgia Chapter 13 Plans: the Standard Plan, the Modified Plan, and the Debtor Employment Plan. The Standard Plan requires the debtor to make payments to a trustee who distributes payments to the creditors in accordance with the approved plan. The Modified Plan is designed for debtors with a higher disposable income, and requires larger payments over a shorter period of time. The Debtor Employment Plan is for debtors who are unemployed or underemployed, and allows them to make reduced payments for a longer period of time. Overall, the Georgia Chapter 13 Plan is a form of debt relief that allows individuals to reorganize their debt obligations and pay back creditors over an extended period of time. It provides an alternative to bankruptcy, and is designed to help debtors regain financial stability.
Georgia Chapter 13 Plan
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FAQ
Filing for Chapter 13 Bankruptcy in Georgia Under this type of bankruptcy, your debts aren't discharged immediately; instead, you develop a three-to-five-year payment plan approved by a judge to pay some percentage of your debts. At the end of the plan, the rest of your debts are discharged.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
Often, those individuals or married couples can still file for Chapter 13 bankruptcy, but will be required to pay 100% of their unsecured debts through the plan. If you're wondering why you would bother to file Chapter 13 if you're going to have to pay all of your debts anyway, you're not alone.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
A Secured Debt is Paid Off The chapter 13 repayment amount is largely influenced by the debts you have and the income you receive. Major changes to either factor could cause your payment to increase. If you own a home or a vehicle, paying it off means that you have more disposable income each month.
Chapter 13 plans provide the opportunity for you to pay these debts over the course of three to five years.
The Chapter 13 Plan must: provide for payments of fixed amounts to the trustee on a regular basis, typically monthly. provide for the full payment of all claims entitled to priority under section 507 such as taxes and child support (unless the holder of a particular claim agrees to different treatment of a claim)
At the same time, very few bankruptcy trustees are going to file a motion to dismiss against you over a single late payment. As a general rule, it takes two or three missed payments before action is taken to default a Chapter 13 bankruptcy plan. Still, you cannot guarantee that you will have that much time to act.