How will my exemptions affect my repayment plan?
In a Chapter 13 bankruptcy filing, property exemptions serve the function of establishing the total amount which must be included in your repayment plan. The value of any non-exempt assets in your possession will be added to the base amount you owe for all secured assets which cannot be discharged, and then repaid over the course of your repayment plan in three to five years. Should the added value of your non-exempt property cause your monthly payments to exceed your monthly disposable income, you may not be able to afford a Chapter 13 bankruptcy.
Analyzing your assets and income in order to successfully generate a repayment plan which you can utilize in a Chapter 13 bankruptcy is a challenge best met by an experienced Houston bankruptcy attorney. For a free consultation with the legal team at the Russell Van Beustring P.C., contact us at 713-973-6650 today.