How do I calculate my disposable income for Chapter 13 Bankruptcy?

In order to calculate your disposable income for Chapter 13 Bankruptcy in Virginia, you must first determine your monthly income. Your monthly income includes all sources, such as wages, unemployment compensation, Social Security benefits, pensions, annuities, and other regular payments you receive. Once you know your monthly income, subtract from it the total amount of money you must pay per month towards taxes, child support, alimony, secured debts, housing payments, and other regular payments. This remaining amount is your disposable income. You must include all of your disposable income as part of your Chapter 13 repayment plan. This means that any money you have left over after all of your bills and expenses are paid is money that must be used to pay off your creditors. In addition, the court may require you to contribute at least 25% of your disposable income to your repayment plan. Moreover, Virginia Code § 34.2-2920 mandates that all individuals who file for Chapter 13 Bankruptcy must pay all of their disposable income to their creditors for the period of the repayment plan. This means that if your disposable income changes during the plan, you must adjust the repayment plan so that your creditors receive the full payment.

Related FAQs

How do I get an order shortening the time to file surviving claims in Chapter 13 Bankruptcy?
What is a reaffirmed debt in Chapter 13 Bankruptcy?
Can I convert my Chapter 13 Bankruptcy to Chapter 7 Bankruptcy?
How do I obtain a discharge of student loans in Chapter 13 Bankruptcy?
How do I obtain a hardship discharge in Chapter 13 Bankruptcy?
What are the fees and costs associated with Chapter 13 Bankruptcy?
How do I object to a creditor’s claim in Chapter 13 Bankruptcy?
What is the effect of Chapter 13 Bankruptcy on my future credit?
Are there any assets I can exempt in Chapter 13 Bankruptcy?
What happens if I cannot complete my repayment plan in Chapter 13 Bankruptcy?

How do I calculate my disposable income for Chapter 13 Bankruptcy?

Related FAQs

Related Blog Posts