Chapter 13 - Duration


T

Thommy

I found the following statement on different websites and I am not sure if I
understand it right:

"Typically, the Plan payments last for 36 months, unless additional time is
requested, but in no event will they last more than 60 months. ....
At the end of 36 months, you are discharged from all dischargeable unsecured
debts, regardless of how much your creditors have received.
Secured debts (your mortgages) must be repaid in full, but Chapter 13
enables you to cure the defaults (reinstate the loans) over 36 months. "
source: http://www.nybankruptcy.us/pages/7/

Does this mean that normally a Chapter 13 lasts no longer than 36 months
(unless Secured debts is involved)?
Can there be exceptions from that rule?

Thanks,
Thommy
 
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B

Brett Weiss

Unless there are secured or priority debts involved, a Chapter 13 Plan
typically lasts 36 months. There are a host of exceptions, however.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
T

Thommy

Thanks for the very fast answer!

My wife is in a bk 13 in NY state (since 1.5 years). For the next 3 years
the monthly bk payments (~ $1000) go to the student loan (that's stated as
"classified unsecured loan" - and that what I understand has to be paid in
any case).
The remaing debts are from credit cards (about $10K). So the court decreed a
5 year plan.

Is there a minimum amount that has to be paid for these credit card debts
and so to maybe get out a few months earlier?
Or is a court ruling not changeable?

Thommy
 
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B

Brett Weiss

Depending on the details of your wife's case, it may be possible to pay it
off early. Be careful, though--some people have made extra payments, and had
the trustee say they still had to pay for the full 60 months. Discuss this
issue with your attorney.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 

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