QUESTION
If I filed bankruptcy and have to be in it for 48 months, does that mean that I will pay into the plan for 48 months?
Asked on Mar 13th, 2013 on Bankruptcy - Colorado
More details to this question:
I filed a chapter 13 bankruptcy and I will be in it for 48 months. Does that mean that I have to pay into the plan for 48 months?
8 ANSWERS
Yes you will have to pay into the plan for 48 months. The amount should be on your chapter 13 plan.
Answered on Mar 18th, 2013 at 1:50 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Yes.
Answered on Mar 13th, 2013 at 3:40 PM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
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Plans are for anywhere from 3 years to 5 years so depending on your income and debts, would be the length of the plan.
Answered on Mar 13th, 2013 at 3:37 PM
In our district you will have to make your Plan payments for 48 months OR until such time as all creditors are paid in full, whichever occurs first.
Answered on Mar 13th, 2013 at 3:36 PM
If you have proposed a 48 month plan, you might have qualified for a 36 month plan but couldnt afford the payments to accomplish your Chapter 13 goals within 36 months. Or you may be paying off 100% of your debts in 48 months. I have no way to know what your particular situation is. Do you want to pay off earlier? Unless you are paying 100%, in some states, you can do this, and in other states you cannot. You should either ask your attorney or the Chapter 13 Trustee.
Answered on Mar 13th, 2013 at 3:36 PM
2 Awards
In a 13 you can pay anywhere from 36-60 months. Your plan will state how many months you have to pay. If it says 48 months then yes, you will be paying 48 monthly payments.
Answered on Mar 13th, 2013 at 3:35 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
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That is correct. If you have a confirmed Chapter 13 Plan for 48 months, that means that you have to make 48 payments to the Trustee and they are monthly payments.
Answered on Mar 13th, 2013 at 10:31 AM
Deborah F. Bowinski
Yes. If your chapter 13 plan lasts for 48 months then that's how many payments you have. If you have an attorney you should be addressing your questions to him or her.
It is important for you to understand the requirements of your plan so you can complete it and obtain your discharge.
Answered on Mar 13th, 2013 at 10:31 AM