How Much Does A Chapter 13 Bankruptcy Cost?
Most people can file Chapter 13 on the same day with no money down and no payment for 30 days. Your payment is determined by your income, what you own, and who you owe money to. The only cost associated with filing a Chapter 13 bankruptcy is a $310 filing fee to the Court; however, the Court will allow you to pay your filing fee in four installments over four months. If you are not able to pay the filing fee within four months, we can extend it to 6 months for you.
How Do We Determine Your Chapter 13 Payment?
There is a specific formula used to determine what your monthly payments will be for your Chapter 13 bankruptcy. It is based on where your income for the last six months fits in with the median income for the area. Then, they will take a look at all your assets…. Your home, car, boat, etc. Next, they will examine your debts and develop a payment plan for you. The term of your payment plan will be either 36 months or 60 months, depending on your income.