How often do I need to make payments under Chapter 13 Bankruptcy?

Under Chapter 13 Bankruptcy law in Virginia, you must make payments on a regular basis. You will be required to make payments according to a repayment plan that has been set up by the bankruptcy court. This repayment plan will include all of your debts, including secured and unsecured debts such as credit cards, medical bills, personal loans and mortgage payments. The repayment plan will last anywhere from three to five years and your payments, which must be made on time, are made directly to the bankruptcy trustee. The amount you must pay each month is based on your budget and your ability to pay. Your disposable income, which is the money leftover after your necessary monthly expenses are paid, must be paid to the trustee each month. In addition to your monthly payments, you must also attend two financial counseling classes within the first 180 days of filing. You must also keep up with all of your tax obligations during the life of the repayment plan. If you make all of your payments on time and the repayment plan is completed, any remaining debt not included in the plan will be discharged.

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How often do I need to make payments under Chapter 13 Bankruptcy?

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