| In a Chapter 13 case in Missouri and Illinois, your St. | | | | plan lasts longer, your payment can be lower. |
| Louis bankruptcy attorney makes a plan for you to | | | | The likelihood is that it took you some time to get into |
| repay any debts that must be repaid to your creditors. | | | | enough debt to file a Missouri or Illinois Chapter 13. |
| The first payment is due 30 days from the date your | | | | Naturally, it may take you a bit of time to get back out |
| case was filed, even if that date occurs before your | | | | of debt. Three to five years doesn't seem that long |
| plan has been confirmed. | | | | when you realize that you'll be able to protect yourself |
| Often, people who are filing Missouri or Illinois Chapter | | | | and your family from the consequences of debt for |
| 13 think that their payment plan is just based on their | | | | the rest of your lives. |
| available income. The amount of your payment is | | | | So, what happens if you don't make your plan |
| actually determined by several different factors in your | | | | payments? Your case will be dismissed. Your plan |
| case. What are those factors? | | | | can't be confirmed in the first place if you haven't |
| 1. The amount of disposable income in a realistic | | | | made the required payments and, if you are into the |
| budget. 2. The amount that would typically be repaid in | | | | life of your plan, not making a payment will put you and |
| a Chapter 7 case if the Trustee was able to sell some | | | | your family on the dismissal docket. That means that |
| of your assets. 3. The amount of debt that would fairly | | | | all the work and energy that you put in to making a |
| be repaid to your creditors, determined by the Means | | | | better life for you and your family will have been for |
| Test created by the 2005 Bankruptcy Amendments 4. | | | | naught. |
| The amount of debt you must repay in order to be | | | | There is no tool like a Chapter 13 bankruptcy. What |
| eligible for a discharge at the end of your case. | | | | other tool can get you protection from foreclosure, |
| The plan can last anywhere from 36 to 60 months. | | | | credit card debt help, and relief from your creditors and |
| This amount of time allows you to develop more | | | | more? To be eligible for those benefits, though, you |
| responsible spending habits and practice making | | | | must not break the rules. Making your plan payments is |
| decisions that keep you out of debt. Additionally, if your | | | | not a rule you want to break. |