Chapter 13 bankruptcy Calculator

A bankruptcy calculator is a tool to formulate a repayment plan and also to determine and prioritize the creditor to be paid and the amount to be paid.

There are some basic steps to set a repayment plan.

Gather information: as an individual should be you should be aware of who are your creditors, the amount that you owe to them and the rate of interest they are charging. All the debts and credit account information should be taken into consideration. If you are married and your spouse has credit account or debt then it should be taken into account even if he/she is not filing bankruptcy.

While you gather the above mentioned information side by side put up your present income and overhead costs in the fact file. Here again the above rule of including spouses’ information.

Once this information is clear you can use software for means test calculator or any software which determines the median income. There are software available online which will help you file chapter 13 bankruptcy without the help of attorney.

Ensure that you need to fill certain basic information about the place you live so that the software will itself the US census data as well as the median income and standard expenses of that area. Also put in the details of even minute expenses like childcare expenses, or about using public transport and even the details of whether the debts were incurred when you as an individual were involved in US military services.

Above all,take help from your attorney or financial or court councilor to consult about the repayment plans that would be beneficial for you as well as your creditors. Usually if your income is below the median income then automatically the repayment schedule is shortened or you may have to go for chapter 7.