Filing Chapter 13 Bankruptcy In Arkansas
In this article, you can discover:
- The typical duration of a Chapter 13 bankruptcy.
- How much of a debtor’s income can be paid to the Chapter 13 trustee.
- The role of a Chapter 13 bankruptcy attorney in the process.
How Long Does Chapter 13 Bankruptcy Take?
Chapter 13 bankruptcy lasts a minimum of three years (unless all debt is paid in full before then), but most people choose a five-year plan to have lower monthly payments. If your income is above a certain amount based on the means test, you are required to be in Chapter 13 for five years.
How Much Of A Debtor’s Income Can Be Paid To The Chapter 13 Trustee Under A Chapter 13 Plan?
The amount paid to the Chapter 13 trustee depends on the debtor’s income, expenses and the assets they’re trying to keep. The plan must be feasible, and the debtor proposes the payment amount, which the court can approve or disapprove.
When Must A Payment To The Chapter 13 Trustee Begin And How Often And By Whom Must The Payment Be Made?
The first payment is due within 30 days of when the case is filed. Payments can be made weekly, biweekly, or monthly, depending on the debtor’s income pattern.
What Is The Role Of A Chapter 13 Bankruptcy Attorney?
A Chapter 13 bankruptcy attorney helps strategize, draft the forms and plans, ensure the plan works for the client, file the paperwork with the court, respond to objections, appear in court for the client and assist with any issues that arise during the bankruptcy process.
For more information on Filing Chapter 13 Bankruptcy In Arkansas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (501) 984-7567 today.
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