Chattanooga Bankruptcy Attorneys Clark and Washington Break Down Your Chapter 13 Payment Plan

Find out what filing for Chapter 13 bankruptcy entails from this trusted bankruptcy attorney in Chattanooga.

CHATTANOOGA, TN, April 24, 2015 /24-7PressRelease/ -- According to the seasoned Chattanooga bankruptcy lawyers at Clark & Washington, the amount of your Chapter 13 payment plan depends on several factors. The first factor is the length of the repayment plan. Most Chapter 13 bankruptcies allow for a repayment plan of three to five years. If you can spread your payments over a longer period of time, your monthly payments would be smaller.

Another factor that influences a Chapter 13 payment plan is the debtor's location. Part of calculating the repayment amount is based on the median income for a household of the same size in the same geographic area.

Another factor is the type of debt you carry. There are certain debts that cannot be discharged even with a Chapter 13 bankruptcy. This will, of course, impact the amount of the repayment scheme. These are referred to as priority debts, and they can include certain taxes as well as child and spousal support.

If you plan on keeping your home but are behind on your mortgage payments, you have to bring the payments up to date within the span of the repayment plan. If you have secured loans (such as a car loan), these too must be paid off by the end of the repayment plan, including any late or outstanding balance.

Keep in mind that you also have to pay administrative fees to a bankruptcy trustee. This is typically a percentage of the amount that you pay your creditors.

You can count on the Chattanooga bankruptcy attorneys at Clark & Washington to make sure your bankruptcy filing meets all the requirements set by the bankruptcy court. Get your financial life back in order with their expert guidance.

To learn more about our services, go to http://www.Chattanooga-bankruptcy-attorney.com.

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.chattanooga-bankruptcy-attorney.com.

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