(page 4 of 4)
HOW IS THE AMOUNT OF MY CHAPTER 13 PLAN PAYMENT DETERMINED?
The amount of your Chapter 13 payments are based upon your income, your monthly living expenses, and the amount of your total debts. This is known as the "means test" which is a pre-determined standard of living based on Internal Revenue Service standards. The Court will allow you to keep and spend so much of your income as determined by the means test.
WHO IS NOT ELIGIBLE FOR CHAPTER 13?
You are not eligible for a discharge under Chapter 13 if you received a previous discharge within the four-year period. You may, however, file a Chapter 13 with these limitations: If you have gotten a discharge within the 4 year period, you don't get a discharge in the new bankruptcy; if you have had a case dismissed within a year, you only get an automatic stay for 30 days and must show exegent circumstances to have the stay imposed for a longer period.
LIMITATIONS UNDER THE "NEW" BANKRUPTCY LAWS
There are a few other twists to the new laws, and we are happy to refer you to qualified counsel in your area, if you are in need of assistance. You may reach me by calling this Toll Free Foreclosure Analysis number: 800-844-1513.
The syndication of third-party articles onto this site does not represent a gaurantee by IamFacingForeclosure.com of any article's contents or endorsement of the services provided by the author. All articles are provided for informational purposes only. You should consult with one or more appropriate professionals and use your own judgment before taking financial or legal action.