Chapter 13 bankruptcy is a repayment plan. Normally if you are filing a Chapter 13 bankruptcy, there are things that must be paid back such as mortgage arrears, a car loan or taxes. The payment plan must be at least 36 months and cannot be more than 60 months. How long your payment plan will be depends on your income and living expenses.
You may also be required to file a Chapter 13 bankruptcy because of your average monthly income. If your income is above the median income for Virginia for your size household, then you are required to file a 60 month plan unless all unsecured creditors will be paid in less than 60 months.
Determining the length of a Chapter 13 plan is a complicated process. Don't try to do this on your own. Contact us today or call us at 320-2010 and we will work with you to create a Chapter 13 plan that is best for you.