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bankruptcy question about unsecured debt

Credit-Addict
Regular Contributor

bankruptcy question about unsecured debt

I  am not sure if this is a stupid question or not but how much unsecured debt has anyone paid in their ch 13. 
I just dont want to be careless and not pay anything of what I  have used but how much if any have people paid. I am considering filing and would like to know what to look forward to. it is very little in this forum on ch 13 bankruptcy. I feel this could be improved greatly. If I file I gurantee I will share my process and experiences in great detail for people in the future.

Message 1 of 6
5 REPLIES 5
leonel9
Frequent Contributor

Re: bankruptcy question about unsecured debt

The amount you repay will be calculated, in part, by your means test. The amount could be a small percentage or 100%. If you haven't already, make sure you speak with more than one attorney, and really evaluate if you qualify for a Chapter 7 bankruptcy. 

 

As far as a lack of CH13 information, I'd suggest using the search feature for specific topics -- I've noted a few CH13 posts lately. There is also at least one other bankruptcy forum (not on myFICO forums) that has detailed posts about Chapter 13 filers. Smiley Happy

Message 2 of 6
Credit-Addict
Regular Contributor

Re: bankruptcy question about unsecured debt

Thanks I've been checking Google but I keep getting advertisement sites but thanks. This forum is so awesome. I have learned soooooo. Much
Message 3 of 6
Lemondrops63
Valued Member

Re: bankruptcy question about unsecured debt

Credit- Addict

 

By law your atty tell you that you will pay as much as you would've on chapter 7 which means 0.  But it all depends on each person financials.  I hope this helps and good luck

Message 4 of 6
ptkdude
Regular Contributor

Re: bankruptcy question about unsecured debt

I filed Ch. 13 back in August, and my payment plan is 100% of unsecured debt (I had no secured debt).  I pay my student loans outside the plan, but all other debt is paid via the trustee.  I did have 3 creditors fail to file proofs of claim, so they do not get paid at all.  Once all the creditors who DID file a proof of claim are paid 100% of their claim amount, the debt owed to those 3 mentioned above, about $8.500, gets discharged.  It should take a little more than 4 years to complete payments.

 

I totally understand your concern about the difficulty in finding information on chapter 13; it can be hard to find on here!  You just have to dig.  Also, use your attorney as a resource!  They should know the specific details on how it works in your district.

 

Best of luck!

Message 5 of 6
tooleman694
Valued Contributor

Re: bankruptcy question about unsecured debt

I had to pay 100 percent..
Message 6 of 6
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