What is a chapter 13 plan?
It is a written plan filed with the bankruptcy court by a debtor and his attorney. The Plan sets how much money the debtor will pay to the Chapter 13 Trustee, how long the debtors monthly payments to the Trustee will last, how much money will be paid to each of the debtors creditors, and which creditors will be paid directly outside of the Plan, among other things.
It is a written plan presented to the bankruptcy court by a debtor that states how much money or other property the debtor will pay to the chapter 13 trustee, how long the debtor’s payments to the chapter 13 trustee will continue, how much will be paid to each of the debtor’s creditors, which creditors will be paid outside of the plan, and certain other technical matters.
March 28, 2008 « Previous Page It is a written plan presented to the bankruptcy court by a debtor that states how much money or other property the debtor will pay to the chapter 13 trustee, how long the debtor’s payments to the chapter 13 trustee continue, how much will be paid to each of the debtor’s creditors, which creditors will be paid outside of the and certain other technical matters.
When you file a Chapter 13 petition, you are required to file a Chapter 13 Plan. Simply put, this Plan states how much you are to pay to the Chapter 13 Trustee and to certain secured creditors, and to whom the Chapter 13 Trustee is to make disbursements. Creditors that have claims based upon certain kinds of debts must be specifically named in your Plan. These debts include mortgages, taxes, child support and/or alimony debts, and debts that are secured by personal property, such as a car or furniture. If you are behind on your mortgage payments, your Plan may provide for you to make up the delinquent payments while you make the on-going monthly mortgage payments yourself directly to the mortgage company. Even if you are not behind on your mortgage payments at the time you file your bankruptcy petition, you must still identify your mortgage creditor or creditors in your Chapter 13 Plan.
A Chapter 13 plan is a debt repayment plan which is presented to the bankruptcy court by a person that states how much money or property the person will pay to the Chapter 13 trustee, how long the person’s payments to the Chapter 13 trustee will continue, how much will be paid to each of the creditors, and certain other matters.
