Lower than a chapter 13 case of bankruptcy, their throwaway earnings could be paid in order to a chapter thirteen Trustee every month. Brand new Chapter 13 Trustee manage disburse those money to help you loan providers less than a legal-recognized installment bundle (the fresh new “Section thirteen Bundle”).
Their throw away earnings will be calculated immediately after considering allowances to possess way of living costs. They have to only pay whatever they you will pay for.
Since the Jim and you may Mary’s earnings try across the constraints of the setting shot, its Chapter 13 Package might possibly be in effect for this article five many years.