How long will it take me to pay off my debts with a chapter 13 bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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How long will it take me to pay off my debts with a chapter 13 bankruptcy?

I owe about $20,000 in credit card debt and I can't afford the payments. I'm interested in paying this off through a chapter 13 bankruptcy - how long will it take to pay off? Do I pay off the entire debt under a chapter 13?

Answer By Alan D. Walton
Breckenridge and Walton
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You pay what you can afford for three to five years and the rest is discharged when you are done.

Answer Applies to: Michigan
Replied: 9/25/2011

Mercado & Hartung, PLLC
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A Chapter 13 needs to be either 3 or 5years.

Answer Applies to: Washington
Replied: 9/21/2011

Answer By Gary Lee Lane
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
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Up to 5 years.

Answer Applies to: California
Replied: 9/6/2011

Answer By Paul Stuber
Paul Stuber, Attorney at Law
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You pay what you can pay in a Chapter 13. You must form a plan for repayment that lasts usually between 3 and 5 years paying monthly.

Answer Applies to: Colorado
Replied: 9/6/2011

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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Chapter 13 plans range from a minimum 36 months to a maximum 60 months.

Answer Applies to: Indiana
Replied: 9/5/2011

Answer By Kevin Heupel
Heupel Law
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In a Chapter 13 you have the option to pay your debts over a 3-5 year period. If you are paying all of your debts, then you can even pay earlier than three years if you want. Typically, you do not pay the entire amount of debt in a Chapter 13 plan. Instead, you pay your disposable income, which is calculated using an IRS form that recognizes standard living expenses. Your disposable income will vary depending on your household size and income.

Answer Applies to: Colorado
Replied: 9/4/2011

Braunstein Law, PC
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When a debtor files a Chapter 13 bankruptcy, the plan generally lasts at least 36 months and no longer than 60 months. You should consult with a bankruptcy attorney who can advise you as to whether a Chapter 13 is your best option and, if so, how long the plan may last. Various factors determine the length of a Chapter 13 plan.

Answer Applies to: Oregon
Replied: 9/2/2011

Answer By Katie M. Stone
The Law Offices of Katie M. Stone
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A chapter 13 bankruptcy is a very detailed bankruptcy. Your plan payments could be either a 36 month plan or a 60 month plan depending on your income, expenses, debt owed etc. You do not necessarily pay off all of your debt in a chapter 13 bankruptcy; however, you have to commit all of your disposable income every month to your chapter 13 bankruptcy payments. If you do make all of your plan payments, at the end of your plan all of your dischargeable debt will be discharged regardless of how much you have paid back. You may qualify for a chapter 7 bankruptcy and it might be in your best interest to file that chapter. You should schedule an appointment with an attorney to find out if chapter 13 is the best bankruptcy you should file. I hope you find this information useful.

Answer Applies to: Florida
Replied: 9/2/2011

Ashman Law Office
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Since no one here has seen your completed form 22 there is no way to answer. You will usually be in a plan from 3-5 years. There is no way to answer you without all your financial data.

Answer Applies to: Georgia
Replied: 9/1/2011

Bankruptcy Law office of Bill Rubendall
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A chapter 13 plan can be proposed for at least 36 months and no more than 60 months. Depending on the liquidation test you may need to pay all debt or a portion of debt. Consult with an attorney as to your specific situation.

Answer Applies to: California
Replied: 9/1/2011

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