Wisconsin Chapter 13 Bankruptcy Help


A Chapter 13 is much more comprehensive method of reorganizing than "non-profit" credit counselors because it includes secured debt such as homes and cars, and all your unsecured creditors MUST participate (at 0% interest and with no new penalties or fees!).

Keeping your home and cars is usually the primary reason people file a Chapter 13. Exemptions protect a large quantity of personal items and a good plan satisfies your creditors. People also file a Chapter 13 because they feel an obligation towards repaying their unsecured debts.

Whatever the reason or motivation for filing a Chapter 13, the process is the same. You will make a payment (determined by you and your attorney and based on your ability to pay) to a Trustee who will pay your creditors. The plan will last from two to five years, after which, you will get a discharge.

The Federal Court supervises Trustee and the repayment of your creditors. While you are making Chapter 13 payments, you will also be responsible to pay your normal living expenses such as rent or mortgage, utilities, food, clothing, tuition, etc. Please do not think that by filing a Chapter 13, your mortgage payment will be lowered. You are required to keep the payment of your normal living expenses totally current while making your trustee payment.

Creating a budget that you can follow and allows for the payment of your living expenses and the Chapter 13 payment is one of the most important jobs your attorney will do with you. The Trustee is going to pay close attention to the budget and an unreasonable one will be unacceptable. Attorneys that only do Chapter 7s do so because working out a plan for the Chapter 13 is the hardest part of a bankruptcy practice.

Chapter 13 Plan Calculator

Determining what a Chapter 13 plan payment should be takes knowledge of many factors. Knowing whether a Chapter 13 is even feasible needs an attorney experienced in proposing plans. That said, here is a fast and dirty calculator that can give you an idea of what a Chapter 13 plan payment would be. Some qualifiers: first, it is only as good as the numbers you give it, garbage in, garbage out; second, factors you do not know can have an impact on the end result (such as the attorney fees for your creditors); third, each district has it's own quirks, having someone that is familiar with your district is needed.


Mortgages.
If you have more than one, you SHOULD speak to an attorney about their balance and your home's value.		 Payment
Interest rate (example 8.25)
How many months are you behind
Auto loans.
Check with Kelly Blue Book and find out the Private Party value for your vehicles. In this area, the Trustees require that auto loans be paid through the plan.		 Total of Kelly Blue Book for all vehicles with loans against them

Total of loans against your vehicles
Unsecured debt.
Total all credit card, medical bills, past due utility bills 		Not sure debt.
If you owe someone money and they can take property if you don't pay, it is secured (usually). Items such as computers and furniture may fall into this category, for the purposes of this calculator, add them here
Attorney fee.
Your attorney (normally) and the attorney for a mortgage company will charge fees that will be included in your plan. For this area, $1300-$2500 is not unusual for your attorney. (This figure depends on a large number of factors.) For the mortgage company attorney a range of $1000-$2000 is pretty normal. If you know them, enter them otherwise enter $2500

For a three year plan : $ 0 per month
For a four year plan : $ 0 per month * requires court approval
And for a five year plan : $ 0 per month * requires court approval



WARNING: This calculator is not intended to provide a plan payment for pro se filings.



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