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Bankruptcy Law Practice in Denver and the following areas
The term of plan payments is over three to five years, depending on your income. If your current monthly income is less than the standard state income level for your household size, the plan will be for three years, unless the court approves a longer period "for cause." If your current monthly income is greater than the standard state income level for your household size, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During the duration of the Chapter 13 the law forbids creditors from starting or continuing collection efforts.
This information pertains to Chapter 13 and Chapter 7 consumer bankruptcy. Each state has bankruptcy laws which apply only in that state. The information contained in the preceding is provided for general information purposes and is not a substitute for a legal consultation and it is not intended as legal advice. Every individual's debt and financial situation is different and you should seek independent legal advice regarding you specific situation.
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