Chapter 13 Bankruptcy Calculator for Repayment Plan
You may be wondering what the Chapter 13 repayment plan looks like and if you can afford to file bankruptcy. It can feel overwhelming to file bankruptcy, so we created this Chapter 13 bankruptcy calculator to help people figure out an estimated repayment plan.
The main goal of this article is to provide you with an estimated Chapter 13 repayment plan calculated from your zip code and specific information provided by you.
Take the calculator below if you are curious to see what your Chapter 13 Payment may be.
Please note that the calculator is 100% free, but we also provide more in depth paid options if you want granular information to help prevent you from making the wrong debt relief decision. It also supports Ascend's mission to provide unbiased information to help you make the most informed decision.
1) What is an average Chapter 13 Payment Plan?
In Chapter 13 Bankruptcy, there are generally fixed costs and variable costs included. For fixed costs, there are the filing and administration fees. The variable costs include attorney fees, disposable income, mortgage payment, secured payments, and unsecured debt amount. You can see what the fixed costs may look like for you, but we recommend taking the Chapter 13 bankruptcy calculator to estimate your variable costs in your zip code.
Fixed Costs: Provided here and here, the filing cost for a Chapter 13 bankruptcy is $310 ($235 filing fee + $75 administrative fee).
Variable Costs: The variable costs may be based on your disposable income, attorney fee (see below), mortgage payment, secured payments, and your total unsecured debt amount.
Take a few minutes and use the Chapter 13 calculator below to estimate what your Chapter 13 repayment plan might be.
2) Chapter 13 Plan Payment Example
Chapter 13 bankruptcy restructures your existing debt into a repayment plan. Generally, the time frame of a Chapter 13 bankruptcy ranges between 3 - 5 years. Chapter 13 bankruptcy tends to be an option when you either make too much to qualify for a Chapter 7 or have too much equity in an asset.
The average Chapter 13 plan payment can be hard to calculate as a lot of the costs are variable and depend on your specific situation. You can take the Chapter 13 calculator below to estimate what your repayment plan may be. If you find the Chapter 13 repayment plan to be quite high, the main alternative is debt settlement, which you can compare Chapter 13 bankruptcy to in the calculator below.
Chapter 13 Payment Plan vs. Debt Settlement
A Chapter 13 repayment plan can sometimes be quite high due to the disposable income being included in the payment plan. If that is the case for you, it may be in your best interest to see what the estimated monthly payment may be for debt settlement. Debt settlement is the process of negotiating your total amount of debt down with your credits into a new payment schedule. This can sometimes be a more cost and time-effective option, as it you are able to use your disposable income towards this payment instead of losing it in a Chapter 13 payment plan.
3) How much is the Chapter 13 Attorney Fee?
Chapter 13 plan payments are calculated based on the attorney fee, administration fee, and trustee. The attorney is variable, as it depends on the attorney you are working with. The other aspects included in the Chapter 13 repayment plan are your mortgage payment(s), secured payment(s), auto payment(s), and any disposable income.
The attorney fee is often based on where you live. See the following examples. You can see the estimate for your attorney fee by taking the Chapter 13 Calculator below.
Chapter 13 Bankruptcy Cost Estimate Santa Clara, California
Chapter 13 Bankruptcy Cost Estimate Phoenix, Arizona
Chapter 13 Bankruptcy Cost Estimate New York City, New York
If you are ready to see what your plan payment may be, you can calculate an estimated Chapter 13 repayment plan based on your zip code by taking the Chapter 13 bankruptcy calculator below.
Should you file Chapter 13 Bankruptcy?
Filing for bankruptcy can be a huge decision for a lot of people, so taking the time to compare your options and estimate costs is crucial. A Chapter 13 repayment plan can be a great option for people who have too high of an income and want to protect any assets. Chapter 7 can be a good option for individuals that qualify and don't have much equity in assets. Sometimes you can still have the protection of your home through a Chapter 7 bankruptcy if your equity is below the state bankruptcy home exemption limit.
If you are unsure if Chapter 13 Bankruptcy is the right option for you, take the Chapter 7 means test calculator below to see if you may qualify for Chapter 7.
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