Q Will My Chapter 13 Payments Be High?
For many people who have become accustomed to receiving extraordinarily high bills, the fear that they will continue to owe even after filing for bankruptcy is common. However, it is impossible to say up front how much you can expect to pay. The amount you will owe each month under the new payment plan is determined based on a number of factors in your personal case.
Here are a few of the most common considerations when renegotiating after filing for Chapter 13 bankruptcy in Kansas City:
- The cost of your vehicle. This must be paid off under the Chapter 13 plan if you intend to keep it.
- Amount owed in non-dischargeable taxes. These must also be paid off in full, over time, after you have filed for bankruptcy.
- The total of unsecured debt. Unsecured debt includes credit card bills, medical expenses, and more. The amount you will have to pay back is determined in negotiations between your Kansas City Chapter 13 bankruptcy lawyer and your creditors.
Although bankruptcy should always be your last resort, it can be the best option when debt has overwhelmed you. Consider what you have in both secured debt and unsecured debt. This, together with your regular level of income, will be used to determine how much your monthly payments will be.
If you are ready to get started with a new payment plan for the debt you owe, call 877-520-6623 to contact a Chapter 13 bankruptcy lawyer in Kansas City at the Castle Law Firm for help with your case.