When you pay, what you pay
Thirty days after filing, the first payment under you Plan will be due. By then you will have heard from the TRUSTEE, and you will pay the amount in the Plan filed by your attorney.
The amount you pay will depend on 1) the goals you have in the case and 2) how the rules apply to your financial situation. Generally, the amount is what you would have left after paying living expenses. This can change based on the LIQUIDATION TEST, and also if you are paying SECURED CREDITORS in the Plan.
Even if you are behind on some payments to SECURED CREDITORS, such as your home loan, Chapter 13 can help. The late payments can be put into the PLAN, and you can take up regular payments outside of your PLAN.
NEW LAW- OCTOBER 17, 2005 BANKRUPTCY REFORM ACT
G. Paul Marx, A Professional Law Corporation
Chapter 13 Topics: TRUSTEE YOU GET YOU PAY THE PLAN
THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.