How long will my Chapter 13 repayment plan last?
The duration of your repayment plan is determined by the amount of disposable income you have available to put towards your debts each month. If this amount exceeds the median income for a household of your size in your state, you will be required to make payments for a full five years. In circumstances in which your monthly income is below the median or you can propose a plan which pays your debts in full in less than five years, a plan of as short as 3 years may be approved.
If you have questions regarding Chapter 13 bankruptcy proceedings or want to have your financial situation evaluated, call our skilled Houston bankruptcy attorneys at the Russell Van Beustring P.C., today at 713-973-6650.