As you recall from previous posts, a Chapter 13 bankruptcy requires monthly payments to be made to the trustee, who then distributes money proportionally to your creditors. Many people's next question is, "well how is the amount of this payment determined?" Generally, this amount is the difference between the debtor's monthly income and his/her necessary monthly expenses. The bankruptcy court provides a description of what they consider necessary expenses, such as mortgage/rent, car payments, insurance, food, clothing, etc. Contact one of our experienced bankruptcy attorneys today for assistance calculating a potential Chapter 13 monthly payment.
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