Best Foreclosure Lawyers in Honolulu, HI

In a Chapter 13 bankruptcy, the debtor proposes a repayment plan to repay some or all their debts over a period of three to five years. The requirements are: 1. Income: The debtor must have regular income sufficient to cover their necessary living expenses and their plan payments. 2. Priority Claims: The plan must provide for certain claims in full, such as taxes and domestic support obligations. 3. Best Efforts: The debtor must use their best efforts to repay creditors. 4. Feasibility: The debtor must show they can make the plan payments and their necessary living expenses. 5. Secured Claims: The plan must provide that secured claims, such as mortgages and car loans, will be paid or that the secured item(s) will be surrendered. 6. Unsecured Claims: The plan must provide that a portion of unsecured claims, such as credit card debts, will be paid through the plan in an amount that is at least as much as in a theoretical Chapter 7. 7. Disposable Income: The plan requires that the difference between the debtor's take home income and their necessary living expenses be paid into the plan. 8. Length of Plan: The plan must be from three to five years, depending on the debtor's income. The plan requirements in Chapter 13 ensure that the debtor can repay their debts in a fair manner, while still allowing them to maintain a reasonable standard of living. It is important to work with an experienced bankruptcy attorney to ensure that your proposed plan is confirmed.