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UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA CHAPTER 13 PLAN I. Original Plan (1st, 2nd, etc.) Amended Plan (All changes shall be in bold face type) Relevant Information A. As used

How to fill out a chapter 13 plan

How to fill out a chapter 13 plan:

1. Gather all necessary financial information, including income, expenses, assets, and debts.
2. Calculate your disposable income, which is the amount you can realistically put towards your debts each month.
3. Determine a feasible repayment plan, considering your disposable income and the length of the repayment period.
4. List all your debts and categorize them according to priority, such as secured debts (mortgage, car loans) and unsecured debts (credit card debt, medical bills).
5. Allocate your disposable income towards these different categories, ensuring that the higher priority debts receive the necessary funds.
6. Make sure to include details about how your secured debts will be paid, such as directly to the lender or through the bankruptcy trustee.
7. Provide a detailed explanation of the repayment plan, including the monthly payment amount, duration, and interest rates, if applicable.
8. Complete any additional forms or schedules required by your local bankruptcy court or trustee.
9. Review and double-check all information in the chapter 13 plan for accuracy and completeness.
10. Sign and date the plan before submitting it to the bankruptcy court for approval.

Who needs a chapter 13 plan:

1. Individuals or married couples who are facing financial difficulties but have a regular income source.
2. Those who wish to retain their assets, such as a house or car, and repay their debts over time.
3. Individuals who want to halt foreclosure proceedings and catch up on missed mortgage payments.
4. People who have non-exempt property (assets that may not be protected by bankruptcy exemptions) and wish to keep them.
5. Those who want to reorganize their debts and obtain more manageable repayment terms while protected from creditor actions.
6. Debtors who do not qualify for chapter 7 bankruptcy due to their income being above the state median or failing the means test.

Overall, individuals who need a chapter 13 plan are typically looking for a structured and feasible repayment plan that allows them to reorganize their debts while retaining their assets.

For pdfFiller’s FAQs

What is a chapter 13 plan?

A chapter 13 plan, also known as a repayment plan, is a legal document that outlines how a debtor will repay their debts over a period of three to five years. It is a key component of filing for bankruptcy under Chapter 13 of the United States Bankruptcy Code.

Who is required to file a chapter 13 plan?

Individual debtors with a regular income and noncontingent, liquidated, unsecured debts less than $419,275, and secured debts less than $1,257,850, are required to file a chapter 13 plan if they want to pursue debt repayment through Chapter 13 bankruptcy.

How to fill out a chapter 13 plan?

Filling out a chapter 13 plan involves providing detailed information about your finances, including your income, expenses, debts, assets, and proposed repayment plan. It is recommended to consult with an attorney or use online resources to ensure accurate and complete filling of the plan.

What is the purpose of a chapter 13 plan?

The purpose of a chapter 13 plan is to allow individuals with regular incomes to reorganize their debts and create a manageable repayment plan. It provides an opportunity to repay creditors over time while keeping important assets, such as a home or a car, and avoiding foreclosure or repossession.

What information must be reported on a chapter 13 plan?

A chapter 13 plan requires reporting information such as the debtor's income, expenses, debts, assets, exemptions, creditor claims, proposed repayment schedule, and any additional provisions or modifications required.

When is the deadline to file a chapter 13 plan in 2023?

The deadline to file a chapter 13 plan in 2023 may vary depending on individual circumstances and jurisdiction. It is important to consult with an attorney or check the local bankruptcy court's guidelines for specific deadlines.

What is the penalty for the late filing of a chapter 13 plan?

The penalty for the late filing of a chapter 13 plan can vary depending on the court's discretion. It may include dismissal of the case, loss of bankruptcy protection, or other consequences that can negatively impact the debtor's financial situation.

Can I create an electronic signature for signing my a chapter 13 plan in Gmail?

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