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Private bankruptcy

Miscellaneous and Early Payoff

Bankruptcy law assumes a reasonable lifestyle. Most people must live frugally under a Chapter 13 plan, but your disposable income is not static.

Monthly plan payment in Chapter 13 bankruptcy

Debtors must normally adhere to the provisions of the “applicable commitment period,” or the minimum duration of the repayment plan, which is determined by the debtor’s income. If you have a 60-month term, your payments will be completed after you have finished making 5 years of payments. Likewise, if your plan term is 36 months, your payments will be completed after three years.