Chapter 13 Payment Calculator
Here is a calculator to show you how low your chapter 13 payment could be.
Real Estate Debt:
Only if you are behind in payments and want to keep the property - If you are surrendering house, leave #1 and #2 blank.
1. First mortgage Missed Payments you need to catch up:(enter total of missed payments)
2. Arrears on other home loans or lines of credit :(second mortgage, home equity line of credit, etc - unless you plan to strip them off - review this information )
*these are paid off in the plan
3. Automobile #1 :(Balance due or market value (if you purchased your vehicle within the last 2.5 years, then enter the balance due - but if you purchased the vehicle more than 2.5 years ago, enter the fair market value of the vehicle (unless you owe less than this amount - if this is the case, only enter the balance owed. )
4. Automobile #2 *:(Balance due or market value (if you purchased your vehicle within the last 2.5 years, then enter the balance due - but if you purchased the vehicle more than 2.5 years ago, enter the fair market value of the vehicle (unless you owe less than this amount - if this is the case, only enter the balance owed. )
Personal Property you are paying for or that is used as collateral is also paid off in the plan, either what is owed, or what it is worth.*
5. Balance on loans secured by other personal property you are keeping, like jewelry or if you borrowed from a finance company like Eagle loan. :(Enter the lesser of the value of the property or the balance due on the loan here. For jewelry or other goods purchased within the last year, enter the balance due on the debt regardless of value. )
6. Total tax debt you owe :((IRS, State, School, Local - all taxes are paid in full in the plan, and at 0% interest! All penalties are wiped out - treated like unsecured debt, similar to a credit card or medical bill))
Total to be paid off in the chapter 13: $0
Chapter 13 Payment Calculator on the way.
You’ll be able to use this as a guide to get an estimate. Of course, your plan payment may be different, but this will give you a good working idea for most situations. You may find that you can lower your monthly payments and wipe out all your unsecured debt better in a chapter 13 than you can in a chapter 7.
Because you can “cram down” cars and other loans in a chapter 13, but not in chapter 7.
And, if you own a home and have a second mortgage that qualifies, you may be able to wipe that out as well, but only in chapter 13, not in chapter 7.
And, if you have a high interest rate on your car, you can change it to 4.75% in chapter 13, saving hundreds or even thousands of dollars!
How Long Will Your Chapter 13 Repayment Plan Last?
Although some may qualify for for a 36 to 60 month plan, as a practical matter, most plans will be 60 months.