Chapter 13 plan periods

If you file for Chapter 13 Bankruptcy, you will have a commitment period of either three (3) or five (5) years.  If your household income is below the median income threshold, the commitment period will be three (3) years.  If your household income is greater than the applicable median income threshold, your commitment period will be five (5) years.  The benefit of the three-year plan, is that you are only required to pay the creditors for a period of three years, rather than five years.