Frequently Asked Questions
Unless the Debtor has extreme mitigating circumstances and has tendered their first payment to the trustee (in a Chapter 13 case), their case will likely be dismissed if they do not attend the 341 Meeting of Creditors.
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.
In Chapter 13, there is a trustee’s fee of 10%. Debtors to pay to the trustee for a period of 36-60 months
normally. For the repayment plan, Debtors must normally adhere to the provisions of the “applicable
commitment period,” or the minimum duration of, which is determined by the debtor’s income. -> Read more about it here.