Bankruptcy plan payment calculator

In Chapter 13 bankruptcy, you propose a repayment plan to pay back some or all of your debts over a three to five-year period. This calculator estimates your minimum monthly Chapter 13 payment by calculating your secured and priority payments—amounts that all Chapter 13 filers must pay.

You might have to pay more, however, because a Chapter 13 plan payment depends on other factors, including:

• where you live
• your income and expenses
• whether you own nonexempt property, and
• the types of debts you have.

For instance, you’ll have a higher payment if you have a lot of disposable income that could be used to pay other creditors, or if you can’t protect all of your property with a bankruptcy exemption (nonexempt property).

Until you confirm your payment amount with a local bankruptcy lawyer, anticipate paying the greater of the calculator result, the value of your nonexempt assets (minus sales costs), or your disposable income. (Chapter 13 filings are complex. Filing without a bankruptcy lawyer isn’t recommended.)

INSTRUCTIONS. Enter the secured loan balance or the collateral’s FMV (fair market value) only if you plan to keep the property associated with the debt—not if you intend to surrender the home, car, or another type of collateral to the lender. Enter all priority debts.

For questions, see How the Chapter 13 Bankruptcy Plan Payment is Calculated or read one of the specific resources linked below.