The length of the payment plan, to create the вЂњapplicable commitment period,вЂќ depends upon the debtorвЂ™s present monthly earnings. The commitment that is applicable ranges from thirty-six months to sixty months (3-5 years).
The debtor must start making plan payments to the trustee within 30 days after filing the bankruptcy case, even if the plan has not yet been approved by the court.
GETTING THE PROPOSED ARRANGE APPROVED
The bankruptcy judge must hold a hearing and decide whether or not to approve the plan within 45 days after the meeting of creditors. Continue reading “Your Arrange doesn’t need to cover all unsecured claims in full as long as it fulfills certain appropriate demands.”