The Pennsylvania Chapter 13 Plan is a type of bankruptcy filing used by debtors in the state of Pennsylvania. It allows debtors to reorganize their debts and develop a payment plan to repay them over a three to five-year period. The plan must be approved by the Federal Bankruptcy Court and is supervised by a Trustee appointed by the court. The two types of Pennsylvania Chapter 13 Plans are the 3-5 Year Plan and the Wage Earner Plan. The 3-5 Year Plan requires debtors to pay off their debts over a three to five-year period, while the Wage Earner Plan requires debtors to pay off their debts over a five-year period. In both plans, the debtor must make regular payments to the Trustee, who then distributes the payments to creditors. The debtor is also required to attend credit counseling classes and provide a list of debts and assets to the court. The court will review the plan and if approved, the debtor will receive a discharge of their debts upon completion of the plan.
Pennsylvania Chapter 13 Plan
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FAQ
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
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.
Background. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
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.
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)
Changing jobs is one of the most common reasons for a bankruptcy plan payment increase. Moving on to a higher-paying career or position usually means that the debtor's income increases. Along with raises or promotions to higher paying jobs, the court may also view consistent overtime as a source of additional income.
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.
Firstly, all Chapter 13 payment plans must repay all priority claims and administrative expenses in full. These types of debts include taxes, child support, alimony, attorneys' fees and court costs.