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I would like to know how installment loans are handled in a chapter 13. Also how the amount paid is determined.
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Foreclosures Attorney serving Birmingham, AL
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Matthew A. Dunaway Attorney at Law
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Installment loans can be paid through a Chapter 13 case. If the loan is a "short-term" loan (5 years or less), then the loan is typically paid through the Chapter 13 case. If the loan is a "long-term" loan (i.e.- mortgage) then the loan is paid outside (separate from) the Chapter 13 case.
How much the payment will be is determined by how much you owe, whether the loan is secured or unsecured, and - to an extent - how much you can pay.
Answered on May 04th, 2016 at 12:02 PM