Washington Chapter 13 Plan is a type of bankruptcy filing available to those who owe more money than they can pay off in a reasonable amount of time. This type of bankruptcy filing allows debtors to reorganize their debts into a more manageable repayment plan, with certain debts being paid off over a three- to five-year period. The debtor must make regular payments to the court-appointed trustee, who then distributes payments to the creditors. Washington Chapter 13 Plan is available to individuals with a regular income, who have some form of secured debt, such as a mortgage or car loan, and who are unable to make payments on those debts. The plan may also be used to prevent foreclosure on a home, or to pay off unpaid taxes. The two types of Washington Chapter 13 Plan are a traditional plan and a modified plan. The traditional plan allows for repayment of a certain percentage of unsecured debts over the course of the plan, while the modified plan allows for a reduced payment amount on some debts. Both types of plans require the debtor to make regular payments to the court-appointed trustee, who then distributes payments to the creditors. The debtor must remain current on all payments for the duration of the plan.
Washington Chapter 13 Plan
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FAQ
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.
If your Chapter 13 plan payment is too high, you can sometimes get it lowered if you encounter a reduction in household income. If your income reduces, you are many times also allowed to reduce your plan payment. This is accomplished usually by filing a Motion to Modify your Chapter 13 plan.
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.
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)
The amount of the required adequate protection payment typically depends on the value of the collateral, the amount of the monthly loan payment, and the rules in your jurisdiction. In most cases, monthly adequate protection payments range from 1% to 1.5% of the property's value.
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.