Bankruptcy

[reagantrooper]

Soc,

I am on the verge of filing Chapter 13.

1. How is it determined what each crediter wil get!

2. Who decides what i will pay each month?

3. Is there a formula and or gudline they must use?

Thanks!!!

[socrateaser]

>1. How is it determined what each crediter wil get!

See #2.
>
>2. Who decides what i will pay each month?

You submit a plan to the court and the court must agree to it.

>
>3. Is there a formula and or gudline they must use?

I'm not a bankruptcy attorney. There is no statutory formula, as far as I know, but I imagine that there are customary plans.

Why are you selecting CH. 13?

[reagantrooper]

>>1. How is it determined what each crediter wil get!
>
>See #2.
>>
>>2. Who decides what i will pay each month?
>
>You submit a plan to the court and the court must agree to
>it.
>
>>
>>3. Is there a formula and or gudline they must use?
>
>I'm not a bankruptcy attorney. There is no statutory formula,
>as far as I know, but I imagine that there are customary
>plans.
>
>Why are you selecting CH. 13?

Soc:

Thanks for the info. I am selecting 13 because I have some assets that I want to keep. The attorney I spoke with suggest this is the best way to do this.

I still need to speak with a few more attorneys before I decide for sure.