Hello, I believe I should file bankruptcy because the bank here is foreclosing on an investment property. I'm definitely not interested in being stuck over for a judgment simply because I'm a guarantor on this loan. However, I don't owe any kind of debt as such like say credit card debt and likewise. Would like to surrender property through bankruptcy, hence looking to file a Chapter 13. Chapter 7 can't be considered for I make way too much for it. Now since there aren't any credits or any such thing worth paying, hence is it necessary to go ahead with paying a 60-month money plan to the trustee?

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Well, there's a simple enough answer to your question. It was in 2005 that the Congress had changed the bankruptcy code and introduced the concept of commitment periods. If you happen to be an above median income earner, then you've got to commit your disposable income to your creditors and that too for 60 months. This also serves as a sort of interpretation meaning you can't really have a zero payment plan as such.


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