Szabo Law Group, P.A. Florida. Bankruptcy, immigration and real estate attorneys

Repayment criteria in Chapter 13 bankruptcy

Repayment criteria in Chapter 13 bankruptcy

Debtors with income that is over the median income must then complete a schedule of expenses (the Means Test), most of which are based on numbers (caps) from the Census Bureau and the IRS. Additionally, current income and expenses are calculated on Income & Expense schedules. The debtor is required to repay to the allowed creditors an amount equal to the highest indication produced by the means test, the income/expense schedules, liquidation test, and various other factors that could increase the required repayment. Read more about repayment criteria here.