Announcement

Collapse
No announcement yet.

Chapter 13 - Duration

Collapse
This topic is closed.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Chapter 13 - Duration

    I found the following statement on different websites and I am not sure if I
    understand it right:

    "Typically, the Plan payments last for 36 months, unless additional time is
    requested, but in no event will they last more than 60 months. ....
    At the end of 36 months, you are discharged from all dischargeable unsecured
    debts, regardless of how much your creditors have received.
    Secured debts (your mortgages) must be repaid in full, but Chapter 13
    enables you to cure the defaults (reinstate the loans) over 36 months. "
    source: http://www.nybankruptcy.us/pages/7/

    Does this mean that normally a Chapter 13 lasts no longer than 36 months
    (unless Secured debts is involved)?
    Can there be exceptions from that rule?

    Thanks,
    Thommy



  • #2
    Chapter 13 - Duration

    Unless there are secured or priority debts involved, a Chapter 13 Plan
    typically lasts 36 months. There are a host of exceptions, however.

    --
    Brett

    ************************************************** ***************
    * Personal Injury/Malpractice Bankruptcy *
    * *
    * BRETT WEISS, P.C. *
    * Attorneys at Law *
    * Maryland, D.C. and Federal Bars *
    * [email protected] *
    * www.brettweiss.com *
    * *
    * Small Business Estates & Estate Planning *
    ************************************************** ***************

    The Small Print: This response is for discussion purposes only. It isn't
    meant to be legal advice and you shouldn't treat it as such. If you want
    legal advice, speak with a local lawyer familiar with your state's laws who
    can review *all* of the facts and the law applicable to your situation.
    ************************************************** ***************

    "Thommy" <[email protected]> wrote in message
    news:[email protected] .
    I found the following statement on different websites and I am not sure if
    I
    understand it right: "Typically, the Plan payments last for 36 months, unless additional time
    is
    requested, but in no event will they last more than 60 months. .... At the end of 36 months, you are discharged from all dischargeable
    unsecured
    debts, regardless of how much your creditors have received. Secured debts (your mortgages) must be repaid in full, but Chapter 13 enables you to cure the defaults (reinstate the loans) over 36 months. " source: http://www.nybankruptcy.us/pages/7/ Does this mean that normally a Chapter 13 lasts no longer than 36 months (unless Secured debts is involved)? Can there be exceptions from that rule? Thanks, Thommy

    Comment


    • #3
      Chapter 13 - Duration

      Thanks for the very fast answer!

      My wife is in a bk 13 in NY state (since 1.5 years). For the next 3 years
      the monthly bk payments (~ $1000) go to the student loan (that's stated as
      "classified unsecured loan" - and that what I understand has to be paid in
      any case).
      The remaing debts are from credit cards (about $10K). So the court decreed a
      5 year plan.

      Is there a minimum amount that has to be paid for these credit card debts
      and so to maybe get out a few months earlier?
      Or is a court ruling not changeable?

      Thommy

      "Brett Weiss" <[email protected]> wrote in message
      news:[email protected]
      Unless there are secured or priority debts involved, a Chapter 13 Plan typically lasts 36 months. There are a host of exceptions, however. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * [email protected] * * www.brettweiss.com * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws
      who
      can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Thommy" <[email protected]> wrote in message news:[email protected] .
      I found the following statement on different websites and I am not sure
      if
      I
      understand it right: "Typically, the Plan payments last for 36 months, unless additional time
      is
      requested, but in no event will they last more than 60 months. .... At the end of 36 months, you are discharged from all dischargeable
      unsecured
      debts, regardless of how much your creditors have received. Secured debts (your mortgages) must be repaid in full, but Chapter 13 enables you to cure the defaults (reinstate the loans) over 36 months. " source: http://www.nybankruptcy.us/pages/7/ Does this mean that normally a Chapter 13 lasts no longer than 36 months (unless Secured debts is involved)? Can there be exceptions from that rule? Thanks, Thommy

      Comment


      • #4
        Chapter 13 - Duration

        Depending on the details of your wife's case, it may be possible to pay it
        off early. Be careful, though--some people have made extra payments, and had
        the trustee say they still had to pay for the full 60 months. Discuss this
        issue with your attorney.

        --
        Brett

        ************************************************** ***************
        * Personal Injury/Malpractice Bankruptcy *
        * *
        * BRETT WEISS, P.C. *
        * Attorneys at Law *
        * Maryland, D.C. and Federal Bars *
        * [email protected] *
        * www.brettweiss.com *
        * *
        * Small Business Estates & Estate Planning *
        ************************************************** ***************

        The Small Print: This response is for discussion purposes only. It isn't
        meant to be legal advice and you shouldn't treat it as such. If you want
        legal advice, speak with a local lawyer familiar with your state's laws who
        can review *all* of the facts and the law applicable to your situation.
        ************************************************** ***************

        "Thommy" <[email protected]> wrote in message
        news:[email protected] .
        Thanks for the very fast answer! My wife is in a bk 13 in NY state (since 1.5 years). For the next 3 years the monthly bk payments (~ $1000) go to the student loan (that's stated as "classified unsecured loan" - and that what I understand has to be paid in any case). The remaing debts are from credit cards (about $10K). So the court decreed
        a
        5 year plan. Is there a minimum amount that has to be paid for these credit card debts and so to maybe get out a few months earlier? Or is a court ruling not changeable? Thommy "Brett Weiss" <[email protected]> wrote in message news:[email protected]
        Unless there are secured or priority debts involved, a Chapter 13 Plan typically lasts 36 months. There are a host of exceptions, however. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * [email protected] * * www.brettweiss.com * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws
        who
        can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Thommy" <[email protected]> wrote in message news:[email protected] .
        I found the following statement on different websites and I am not
        sure
        if
        I
        understand it right: "Typically, the Plan payments last for 36 months, unless additional
        time
        is
        requested, but in no event will they last more than 60 months. .... At the end of 36 months, you are discharged from all dischargeable
        unsecured
        debts, regardless of how much your creditors have received. Secured debts (your mortgages) must be repaid in full, but Chapter 13 enables you to cure the defaults (reinstate the loans) over 36 months.
        "
        source: http://www.nybankruptcy.us/pages/7/ Does this mean that normally a Chapter 13 lasts no longer than 36
        months
        (unless Secured debts is involved)? Can there be exceptions from that rule? Thanks, Thommy

        Comment

        Working...
        X