What Percentage To Credit Cards?
Just out of curiosity, what is the MINIMUM percentage that must be paid to unsecured creditors (credit cards)in a Chapter 13 Bankruptcy in various areas? I've tried to GOOGLE some sort of data base, but cannot find it. I have heard some areas allow as low as 1% or nothing at all. Others require 30%, 60%, whatever, and in a few areas 100% I am in the Central California District, and my bankruptcy court was in downtown Los Angeles. My Chapter 13 plan calls for paying off the credit cards at 10%, plus another 1% for the Trustee. I think this is called a "Base Plan".
Answer:
There is no firm rule, even if there is "local practice". For example, here in MD, the minimum is 10%, but if circumstances are appropriate, it could be 0%.
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