Why do some people end up with a 3 year payback time period and others a 5 year. How may I ensure I get a 3 year plan vs the 5?
2006-11-25 02:25:17 · 3 answers · asked by JCisMe 1 in Business & Finance ➔ Personal Finance
It's going to be set by the trustee....they have to "balance" the needs of your creditors to what you can afford.
If the trustee sets a payment amount for 3 years that you believe you can't handle, you (and your attorney) will go over it with the trustee and it can be modified to extend it. You will still have to pay the same amount of money, but over a longer period of time.
2006-11-25 12:05:40 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The main factors determining the length of the plan including how much money you have for a the Chapter 13 plan payments and how much you must pay back to the creditors. It is a complicated analysis that should be performed by a local bankruptcy attorney.
2006-11-25 18:01:24 · answer #2 · answered by Carl 7 · 0⤊ 0⤋
As I understand it, there are criteria that are used to determine if you can feasibly pay your debts in the 3 year period or if it will take longer. You should talk to an attorney about it.
2006-11-25 10:34:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋